AI Summary
Logo of Bank AlJazira
The Capital Market Authority (CMA) approved today, March 25, Bank AlJazira’s 25% capital hike request, from SAR 10.25 billion to SAR 12.81 billion, through a 1-for-4 bonus issue.
Eligible shareholders are those registered with the Securities Depository Center Co. (Edaa) by the close of the second trading day after the record date, which will be determined later by the bank's board.
For more news on listed companies
The capital top-up will be funded by transferring SAR 1.28 billion from each of the statutory reserves and the retained earnings account to Bank AlJazira’s capital.
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 AlJazira’s board of directors recommended in February a 25% capital top-up from SAR 10.25 billion to SAR 12.81 billion, through a 1:4 bonus issue, as shown below:
|
Capital Increase Details |
|
|
Current Capital |
SAR 10.25 bln |
|
Number of Shares |
1.02 bln |
|
Capital Increase (%) |
25 % |
|
New Capital |
SAR 12.8 bln |
|
New Number of Shares |
1281.25 mln |
|
Method |
1-for-4 bonus issue |
|
Capitalization |
Capitalizing SAR 2.56 bln equally from statutory reserve and retained earnings |
|
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 capital base to achieve its strategic goals |
Be the first to comment
Comments Analysis: