Bank Albilad recommends 33.3% capital hike to SAR 10 bln through bonus shares

09/11/2021 Argaam

Bank Albilad building


Bank Albilad’s board of directors recommended on Nov. 8, a 33.33% capital increase to SAR 10 billion from SAR 7.5 billion by distributing one-for-three bonus shares, according to a bourse filing.

 

Key Figures of the Capital Hike

Current Capital

SAR 7.5 bln

Number of Shares

750 mln

Hike (%)

33.33% (one share for every three shares held)

New Capital

SAR 10 bln

New Number of Shares

1 bln

Method of Increase

Capitalizing SAR 2.5 bln from retained earnings

Driver

Enhancing the bank’s financial solvency and retaining its resources in operational activities

 

The bonus share distribution is conditional on obtaining the approvals of official authorities and the coming extraordinary general meeting, the statement added.

 

In the event of fractional shares, the fractions will be collected in one portfolio for all shareholders and sold at market price. The value will then be distributed to shareholders entitled to the bonus share distribution pro rata, no later than 30 days from the date of determining the shares due to each shareholder.

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