Alinma Bank’s shareholders are set to vote on a 33.33% capital hike to SAR 20 billion from SAR 15 billion during the extraordinary general meeting that will be held on April 8, 2020.
The capital hike will take place through the issue of 3 bonus shares for every 1 share held, the company said in a statement to Tadawul.
The process will be financed by capitalizing SAR 5 billion from the reserve and retained earnings account.
Accordingly, the number of shares will be increased to 2 billion shares from 1.5 billion.
During the meeting, shareholders will also vote on delegating the bank’s board of directors to distribute cash dividend for the fiscal year 2020 on a semi-annual basis.
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Key Figures of the Capital Hike |
|
|
Current Capital |
SAR 15 bln |
|
Number of shares |
1.5 bln |
|
Hike (%) |
33.33% (1 share for every 3 shares) |
|
New Capital |
SAR 20 bln |
|
New number of shares |
2 bln |
|
Record date |
April 8, 2020 |
|
Purpose of increase |
Boosting the bank’s resources to help achieve good growth rates in the upcoming years |
|
Method |
Capitalizing SAR 5 billion from the reserve and retained earnings account. |
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