A branch of Bank Albilad
Bank Albilad’s board of directors recommended, Feb. 6, a 20% capital top-up from SAR 12.5 billion to SAR 15 billion, through distributing one bonus share for every five shares held, as follows:
|
Capital Increase Details |
|
|
Current Capital |
SAR 12.5 bln |
|
Number of Shares |
1.25 bln |
|
Percentage of Increase |
20% |
|
New Capital |
SAR 15 bln |
|
New Number of Shares |
1.5 bln |
|
Method |
1-for-5 bonus share distribution |
|
Capitalization |
Capitalizing SAR 1.5 bln from retained earnings and SAR 1 bln from statutory reserve |
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Record Date |
Shareholders of record and those registered with Edaa by the close of the second trading day following the extraordinary general meeting (EGM), the date for which will be determined later |
|
Reason |
To enhance the bank's financial solvency and retain its resources in operational activities. |
Fractional shares, if any, will be compiled in one portfolio for all shareholders and will be offered at market price. Proceeds will be distributed among entitled shareholders pro rata within 30 days maximum, the bank said in a statement to Tadawul.
The decision, which received the Saudi Central Bank’s (SAMA) no-objection, is conditional on approvals from competent authorities and shareholders.
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