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Bank Albilad to vote on 25% capital hike on April 9
AI Summary
Bank Albilad’s extraordinary general assembly will vote on April 9 on a 25 percent capital hike to SAR 7.5 billion from SAR 6 billion, through issuance of one bonus share for every four shares held, it said in a bourse statement today.
Shareholders will also vote on authorizing the board of directors to distribute semi-annual and quarterly dividends for fiscal year 2019, depending on the lender’s cash flows and future plans.
|
Key Figures of the Capital Hike |
|
|
Current Capital |
SAR 6 bln |
|
Number of shares |
600 mln shares |
|
Hike (%) |
25% (1 shares for every 4 shares) |
|
New Capital |
SAR 7.5 bln |
|
New number of shares |
750 mln shares |
|
Method |
Capitalizing SAR 1.14 bln from statutory reserve and SAR 355.87 million from retained earnings |
|
Driver |
To boost the bank’s resources |
Comments 5
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