Logo of Bank Albilad
The Capital Market Authority (CMA) approved the application from Bank Albilad to increase its capital from SAR 10 billion to SAR 12.5 billion via a bonus issue, the market regulator said in a statement today, March 5.
Accordingly, one bonus share will be issued for every four shares held by shareholders registered with the Securities Depository Center (Edaa) by the close of the second trading day after the record date, to be determined later by Bank Albilad's board.
The capital top-up will be funded by transferring SAR 2.5 billion from retained earnings. Thus, the number of the bank's shares will increase by 250 million to 1.25 billion.
The CMA added that the bank's extraordinary general meeting (EGM) should be held within six months from this approval date, provided that Bank Albilad satisfies all regulatory requirements and requisite procedures.
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Capital Increase Highlights |
|
|
Current Capital |
SAR 10 bln |
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Current Number of Shares |
1 bln |
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Percentage Increase (%) |
25% |
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New Capital |
SAR 12.5 bln |
|
New Number of Shares |
1.25 bln |
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Method |
Issuing 1 bonus share for every 4 shares held |
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Nature & Value of Reserve |
Capitalizing SAR 2.5 bln from retained earnings |
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Eligibility |
Shareholders registered with Edaa on the second trading day following the EGM, the date for which will be determined later |
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Reason |
Strengthening the bank’s financial solvency and utilizing its resources for operating activities |
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