National Commercial Bank (NCB) shareholders approved on Tuesday the board of directors’ recommendation of a 50 percent capital increase to SAR 30 billion from SAR 20 billion, through the issue of one bonus share for every two shares held, the bank said in a statement to Tadawul.
The extraordinary general assembly also approved a 6 percent cash dividend for the second half of 2017, to be distributed at SAR 0.6 per share.
Shareholders also named board members for the new three-year term, starting May 15.
The new board includes: Saeed Al Ghamdi, Rashed Sharif, David Meek, Marshal Bailey, Anees Moumina, Saud Al Juhani, Mohammed AL Hoqal, Ziad Al Tunisi and Zaid Al Gwaiz.
The general assembly also approved the purchase of the bank’s shares, with a maximum of four million shares, to be allocated to the long-term incentive program for executive officers.
The board of directors was delegated to amend the program as needed and to complete the purchase process in one or multiple stages within a maximum of 12 months.
Separately, the Saudi Stock Exchange (Tadawul) on Wednesday set the fluctuation limits for NCB at share price of SAR 45.59. The Securities Depository Center (Edaa) will deposit the additional shares into investors’ portfolios by May 20, 2018.
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Key Figures of the Capital Increase |
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Current Capital |
SAR 20 bln |
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Number of shares |
2 bln shares |
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Increase (%) |
50% (1 for every 2 shares) |
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New Capital |
SAR 30 bln |
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New number of shares |
3 bln shares |
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Driver |
To strengthen the bank’s capital base in order to enable it to achieve growth rates and expand into new activities over the coming years |
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Record date |
May 15, 2018 |
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Dividend Details (H2 2017) |
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Dividend* |
SAR 1.196 bln |
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Percentage of capital |
6% (SAR 0.6/share) |
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Record date |
May 15, 2018 |
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Payment day |
May 29, 2018 |
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Dividend for FY 2017 |
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Total dividend |
SAR 3.396 bln |
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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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