CMA approves Bank Albilad's capital hike to SAR 12.5B via bonus issue

Logo of Bank Albilad

The Capital Market Authority (CMA) approved the application from Bank Albilad to increase its capital from SAR 10 billion to SAR 12.5 billion via a bonus issue, the market regulator said in a statement today, March 5.

Accordingly, one bonus share will be issued for every four shares held by shareholders registered with the Securities Depository Center (Edaa) by the close of the second trading day after the record date, to be determined later by Bank Albilad's board.

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The capital top-up will be funded by transferring SAR 2.5 billion from retained earnings. Thus, the number of the bank's shares will increase by 250 million to 1.25 billion.

The CMA added that the bank's extraordinary general meeting (EGM) should be held within six months from this approval date, provided that Bank Albilad satisfies all regulatory requirements and requisite procedures.