Bank Albilad building
Saudi Arabia’s Capital Market Authority (CMA) approved Bank Albilad’s request to increase capital from SAR 7.5 billion to SAR 10 billion through the issuance of one bonus share for every three shares held, the market regulator said in a statement.
The capital hike will be financed by transferring SAR 2.5 billion from retained earnings. Accordingly, the number of shares will be increased by 250 million from 750 million to 1 billion.
An extraordinary general meeting (EGM) shall be held within six months from this approval date and the bank shall satisfy all regulatory requirements and applicable laws.
The bank’s board of directors recommended, on Nov. 8, 2021, a 33.33% capital hike to SAR 10 billion through distributing one-for-three bonus shares.
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Key Figures of the Capital Hike |
|
|
Current Capital |
SAR 7.5 bln |
|
Number of Shares |
750 mln |
|
Hike (%) |
33.33% (one share for every three outstanding shares) |
|
New Capital |
SAR 10 bln |
|
New Number of Shares |
1 bln |
|
Driver |
Strengthening the bank’s solvency and maintain its internal resources for operations |
|
Method |
Capitalizing SAR 2.5 billion of retained earnings |
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