National Commercial Bank’s (NCB) board of directors has recommended a 50 percent capital hike to SAR 30 billion from SAR 20 billion through the issue of one bonus share for every two shares held.
The capital hike, which will be financed from retained earnings account, aims to strengthen the bank’s capital base to enable it to achieve growth rates and expand into new activities over the coming years.
The board also recommended a 6 percent cash dividend (SAR 0.6 per share) for the second half of 2017, bringing the total dividend issued for the full year to SAR 1.7 per share.
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Capital Hike Details |
|
|
Current capital |
SAR 20 bln |
|
Current No. of shares |
2 bln |
|
Percentage of Increase |
50 percent (1-for-2 bonus shares) |
|
Post-increase capital |
SAR 30 bln |
|
Post-increase shares |
3 bln |
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Cash Dividend Details (H217) |
|
|
Cash dividend* |
SAR 1.197 bln |
|
Percent capital |
6% (SAR 0.6/share) |
|
Record date |
General assembly meeting |
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Payment day |
To be determined |
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Dividend for FY 2017 |
|
|
Total cash dividend |
SAR 3.396 bln |
|
Percent of capital |
17% (SAR 1.7/share) |
*Number of eligible shares is 1.9948 bln shares after deducting treasury shares
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