Arab National Bank’s (ANB) shareholders have approved a 50 percent capital hike to SAR 15 billion from SAR 10 billion through the issue of one bonus share for every two shares held, the bank said in a statement on Tadawul.

 

Shareholders have also approved an 8.5 percent cash dividend for the second half of 2018, during the extraordinary general assembly meeting held on Wednesday.

 

Fluctuation limit after capital hike will be based on a share price of SAR 24.74, the Saudi Stock Exchange (Tadawul) said in a separate statement .

 

Meanwhile, the Securities Depository Center (Edaa) will deposit the addition shares into the investor’s portfolios by Monday, April 1, 2019.

 

Key Figures of the Capital hike

Current Capital

SAR 10 bln

Number of shares

1 bln shares

Increase (%)

50% (1 for every 2 shares)

New Capital

SAR 15 bln

New number of shares

1.5 bln shares

Record date

March 27, 2019

Method

Capitalizing SAR 2 bln from retained earnings account and SAR 3 bln from statutory deposit

Deriver

To boost capital base to achieve better future growth rates

Cash Dividend Details (H2 2018)

Total cash dividend

SAR 850 mln

Percent of capital

8.5% (SAR 0.85 per share)

Record date

March 27, 2019

Payment date

April 8, 2019

Dividend for FY 2018

Total dividend

SAR 1.5 bln

Percentage of capital

15% (SAR 1.5/share)

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