Logo of Alinma Bank
The Capital Market Authority (CMA) approved the application from Alinma Bank to increase its capital from SAR 20 billion to SAR 25 billion through a bonus share distribution at one share per every four held shares, the market regulator said in a statement today, March 26.
The capital top-up will be funded by transferring SAR 5 billion from retained earnings. Thus, the number of the shares will increase by 500 million from 2 billion to 2.5 billion.
The CMA added that the bank's extraordinary general meeting (EGM) should be held within six months from this approval date, provided that the bank satisfies all regulatory requirements and applicable laws.
Alinma Bank's board of directors recommended on Dec. 31, 2023, increasing capital by 25% through the distribution of one bonus share for every four shares held, according to Argaam's data.
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Capital Increase Details |
|
|
Current Capital |
SAR 20 bln |
|
Number of Shares |
2 bln |
|
Capital increase (%) |
25% |
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New Capital |
SAR 25 bln |
|
Number of Shares after Increase |
2.5 bln |
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Method |
Distribution of bonus shares at one share for every four shares held. |
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Nature and Value of Reserve |
Capitalizing SAR 5 billion from retained earnings |
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Record date |
Shareholders registered with Edaa on the second trading day following the EGM, the date for which will be determined later. |
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Reason |
Strengthening the bank’s solvency and maintaining its resources in operating activities. |
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