Bank Albilad building
Bank Albilad shareholders will vote on increasing capital from SAR 7.5 billion to SAR 10 billion, through distributing bonus shares at 33.3%, or one share for three existing shares, at the extraordinary general meeting (EGM), slated for April 11, according to a bourse filing.
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Capital Increase Details – Bonus Issue |
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Current Capital |
SAR 7.5 bln |
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Number of Shares |
750 mln shares |
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Percentage of Increase |
33.33% (One share for every three existing shares) |
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New Capital |
SAR 10 bln |
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Number of Shares |
1 bln |
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Reason |
To boost financial solvency and retain resources in operational activities |
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Method |
The capitalization of SAR 2,500 M from the retained earnings |
The fractional shares will be grouped into a single portfolio and sold at the market price, while the proceeds will be distributed to the entitled shareholders pro rata within 30 days maximum.
Further, shareholders will discuss authorizing the board of directors to distribute interim quarterly or semiannual dividends for 2022.
Additionally, shareholders will vote on the formation of the audit committee for the three-year term starting April 17, 2022, which will comprise Adeeb Abanumai, Mohammed Farhan bin Nader and Abdulaziz Abdullah Alakil.
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