NCB General Assembly approves 33.3% capital raise

NCB General Assembly approved 33.3% capital raise (from SAR 15bn to SAR 20bn) in a meeting held
yesterday.
 

The Capital raise is to take place by issuing one bonus share to each 3 shares owned by registered
shareholders.
 

By this issuance the number of outstanding shares will increase from 1500 mn shares to 2000mn shares.

It also approved 19% cash dividends (SAR 1.90/share) for 2013, according to SPA.
 

An IPO representing 15% of the bank’s capital after the proposed capital raise was also approved by the
GA.
 

According to the data available on Argaam, a royal approval  was granted recently for the public investment fund (PIF) to sell 25% of the NCB’s capital as follows:

1.

15% through IPO (part of PIF stake in NCB).
2.

 10% will be allocated to Public pension agency (similar to General organization of social insurance‘s stake
in NCB).

3.

NCB reported a profit of SAR 7852 mn (SAR 5.23/share) by the end of 2013, 22% increase compared to 2012's profit.