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Bank AlJazira's board of directors recommended, in its meeting today, Feb. 11, a 25% capital hike via distributing a one-for-four bonus issue.
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Bonus Issue Details |
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Current Capital |
SAR 10.25 bln |
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Current Number of Shares |
1.05 bln |
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Percentage of Increase |
25% |
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New Capital |
SAR 12.81 bln |
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New Number of Shares |
1.28 bln |
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Method |
A 1-for-4 bonus share distribution |
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Value of Reserves |
Capitalizing SAR 2.56 bln from retained earnings and statutory reserve, in equal proportions |
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Record Date |
For shareholders registered with the Securities Depository Center Co. (Edaa) at the end of the second trading day following the EGM date |
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Reason |
Strengthening the bank’s capital base to achieve its strategic objectives |
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In a statement to Tadawul, the bank clarified that any fractional shares will be combined into a single portfolio for all shareholders and sold at market price.
The proceeds will then be distributed on a pro-rata basis to eligible shareholders, within a period not exceeding 30 days from the date of determining the new shares eligible for each shareholder.
The bank noted that the decision is conditional upon obtaining approval from the official authorities and the deciding extraordinary general meeting (EGM).
The Saudi Central Bank (SAMA) granted its no-objection to the capital increase, the statement added.
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