Bank Albilad’s shareholders have approved a 25 percent capital hike to SAR 7.5 billion from SAR 6 billion during the extraordinary general assembly meeting held on Tuesday, April 9, 2019.
The capital hike aims to boost the bank’s solvency margin and maintain its resources in operating activities.
In a separate statement, the Saudi Stock Exchange (Tadawul) said that fluctuation limit for Albilad after capital hike will be based on a share price of SAR 26.35 on Wednesday, April 10.
Meanwhile, the Securities Depository Center (Edaa) will deposit the addition shares into the investor’s portfolios by Sunday, April 14, 2019.
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Key Figures of the Capital Hike |
|
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Current Capital |
SAR 6 bln |
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Number of shares |
600 mln shares |
|
Hike (%) |
25% (1 shares for every 4 shares) |
|
New Capital |
SAR 7.5 bln |
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New number of shares |
750 mlnln shares |
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Method |
Capitalizing SAR 1.144 bln from regulatory reserve and SAR 355.87 mln retained earnings |
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Record date |
April 9, 2019 |
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Driver |
To boost the bank’s solvency margin and maintain its resources in operating activities. |
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