Logo of Arab National Bank (ANB)
Shareholders of Arab National Bank (ANB) approved the board's recommendation on raising capital by 33.33%, during the extraordinary general meeting (EGM) held on May 20.
The capital will be increased through offering one bonus share for three shares held, ANB said in a statement to Tadawul.
Capital Increase Details |
|
Current Capital |
SAR 15 bln |
Current Number of shares |
1.5 bln |
Capital increase (%) |
33.33% |
New Capital |
SAR 20 bln |
New Number of Shares |
2 bln |
Method |
One bonus share for every three shares held. |
Nature & Value of Reserve |
Capitalizing SAR 5 bln from retained earnings and statutory reserve. |
Eligibility |
May 20, 2024 (Shareholders of record at the end of trading on the EGM date and those registered with Edaa at the end of the second trading day following the EGM) |
Reason |
To boost financial solvency |
Fractional shares, if any, will be collected in a single portfolio for all shareholders and sold at market price. Their value will be distributed among the eligible shareholders on pro rata within 30 days maximum from the date of determining the new shares eligible for each shareholder.
The employee share program was also approved, and the board was delegated to set the related terms, including the allocation price for each share offered to employees, if paid.
In addition, shareholders greenlit the repurchase of up to 5 million shares to allocate them for the employee stock option.
The repurchase process will be funded by the bank’s internal resources. The board will complete the buyback process within 12 months maximum from the EGM date.
ANB will retain the repurchased shares for a maximum of 10 years from the EGM date until they are allocated to the stock employee option. After this period, the procedures and controls stipulated in the applicable regulations will be applied.
The Saudi Exchange (Tadawul) announced that fluctuation limits on the stock will be based on a share price of SAR 21.18 today, May 21, and the outstanding orders will be canceled.
Furthermore, the Securities Depository Center (Edaa) will deposit the bonus shares into investor portfolios before start of trading on May 23.
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}