Bank Albilad building
Bank Albilad’s board of directors recommended on Nov. 8, a 33.33% capital increase to SAR 10 billion from SAR 7.5 billion by distributing one-for-three bonus shares, according to a bourse filing.
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Key Figures of the Capital Hike |
|
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Current Capital |
SAR 7.5 bln |
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Number of Shares |
750 mln |
|
Hike (%) |
33.33% (one share for every three shares held) |
|
New Capital |
SAR 10 bln |
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New Number of Shares |
1 bln |
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Method of Increase |
Capitalizing SAR 2.5 bln from retained earnings |
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Driver |
Enhancing the bank’s financial solvency and retaining its resources in operational activities |
The bonus share distribution is conditional on obtaining the approvals of official authorities and the coming extraordinary general meeting, the statement added.
In the event of fractional shares, the fractions will be collected in one portfolio for all shareholders and sold at market price. The value will then be distributed to shareholders entitled to the bonus share distribution pro rata, no later than 30 days from the date of determining the shares due to each shareholder.
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