BANK ALBILAD BOARD OF DIRECTORS RECOMMENDS TO EXTRAORDINARY GENERAL ASSEMBLY TO INCREASE BANK ALBILAD CAPITAL BY BONUS SHARES
Date of Board Meeting
2018-12-17 Corresponding to 1440-04-10
Capital before increase
6,000,000,000
Capital after increase
7,500,000,000
Percentage of Capital increase
25 %
Number of shares before Capital increase
600,000,000
Number of shares after Capital increase
750,000,000
Reasons for the increase
The Bank aimed from capital increase to strengthen the Banks resources.
Number of granted shares per exiting share
one bonus share for every 4 shares owned
Nature and value of reserves used in the capital increase
The increasing will be done through capitalization of SAR 1,500 Millions by capitalizing the Statutory reserve and the Retained earnings
Entitlement Date
The bonus shares is limited to the shareholders who are registered in the shareholder's register in the Securities Depository Center (Tadawul) at the closing of the second day of trading after the extraordinary general assembly day, which will be determined later by the Bank.
Fractional stocks
In cause there will be a bonus shares fractions; the company will collect it in one portfolio then sell them by the market price and then the value will be distributed over the shareholders entitled to granted shares each by his share, during 30 days from finishing allocating the new shares for each shareholder.
Approvals
The proposed increase in capital would be initiated only once necessary approvals are received from official authorities as well as from shareholders in extraordinary general assembly meeting.
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