A branch of Bank Albilad
The capital top-up will be funded by transferring SAR 1 billion from the statutory reserve account and SAR 1.5 billion from the retained earnings account to Bank Albilad’s capital.
As a result, the bank's share capital will increase from 1.25 billion to 1.5 billion, reflecting an additional 250 million shares.
The deciding extraordinary general meeting (EGM) must be held within six months of the CMA’s approval date. The bank is required to comply with all regulatory requirements and applicable laws.
According to data available with Argaam, Bank Albilad’s board of directors recommended in February a 20% capital top-up from SAR 12.5 billion to SAR 15 billion, through a 1:5 bonus issue, as shown below:
|
Capital Increase Details |
|
|
Current Capital |
SAR 12.5 bln |
|
Current Number of Shares |
1.25 bln |
|
Percentage 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 |
|
Record Date |
Shareholders of record and those registered with Edaa by the close of the second trading day following the EGM |
|
Reason |
To enhance the bank's financial solvency and retain its resources in operational activities |
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