ANB shareholders to vote on H2 2018 dividend in March

Arab National Bank’s (ANB) shareholders will vote on the board’s proposal for an 8.5 percent cash dividend, to be issued at SAR SAR 0.85 per share for H2 2018 on Mar. 27, 2019, the bank said in a bourse statement on Wednesday.

The dividend will total SAR 850 million and will be distributed to eligible shareholders registered at the Security Depository Center on Mar. 29.

Shareholders will also approve the distribution of cash dividends for H1 2018 at a total value of SAR 650 million, or SAR 0.65 per share.   

The extraordinary general assembly will also vote on a 50 percent capital hike to SAR 15 billion from SAR 10 billion through issuance of one bonus share for every two shares held.

The capital increase will be financed from transferring SAR 3 billion from the bank’s statutory reserve and SAR 2 billion from retained earnings.

Fractional shares will be accumulated in one portfolio and will be sold at market price within a maximum of 30 days after allotment.

ANB’s shareholders will vote on board remuneration of SAR 5.14 million and the discharge of board directors from liability for fiscal year 2018.

The board report, financial statements and external auditor’s report for fiscal year 2018 will be also reviewed. 

ANB shareholders will also vote on hiring an external auditor for the current fiscal year.