Logo of Arab National Bank (ANB)
Arab National Bank’s (ANB) board of directors recommended during its meeting today, Feb. 7, a 33.33% capital increase through distributing one bonus share for every three shares held, according to a statement to Tadawul.
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Bonus Issue Details |
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Current Capital |
SAR 15 bln |
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Current Number of Shares |
1.5 bln |
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Percentage of Increase |
33.33% |
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New Capital |
SAR 20 bln |
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New Number of Shares |
2 bln |
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Method |
A 1-for-3 bonus share distribution |
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Value of Reserves |
Capitalization of SAR 5 billion from the retained earnings and statutory reserves |
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Record Date |
For shareholders, at the end of the general meeting date which will be determined later, and those registered with the Securities Depository Center Co. (Edaa) at the end of the second trading day following the general meeting date. |
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Reason |
To enhance the bank’s solvency |
In a statement to Tadawul, the bank clarified that any fractional shares will be combined into a single portfolio for all shareholders and sold at market price.
The proceeds will then be distributed to eligible shareholders, each according to their respective ownership, within a period not exceeding 30 days from the date of determining the new shares eligible for each shareholder.
The bank noted that the offering is conditional upon obtaining approval from the official authorities and the extraordinary general meeting for capital hike and the number of granted shares.
The Saudi Central Bank (SAMA) granted non-objection to the capital increase, the statement added.
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