Al Rajhi Bank Announces the Board’s resolution to increase the capital by granting shares
Element List | Explanation |
---|---|
Introduction | Al Rajhi Bank Board of Directors, through circulation on 3/1/2019, recommended to the Extraordinary General Assembly to increase the bank capital by granting bonus shares |
Date of Board Meeting | 2019-01-03 Corresponding to 1440-04-27 |
Capital before increase | 16,250,000,000 SAR |
Capital after increase | 25,000,000,000 SAR |
Percentage of Capital increase | 53.8 % |
Number of shares before Capital increase | 1,625,000,000 shares |
Number of shares after Capital increase | 2,500,000,000 shares |
Reasons for the increase | Support the Bank's resources, which will contribute to good growth ratios in the future years. |
Number of granted shares per exiting share | 7 bonus shares for every 13 shares owned |
Nature and value of reserves used in the capital increase | The increase will be through the capitalization of SAR 8,750 Million from Retained earnings. |
Entitlement Date | The eligibility of the dividends shall be for shareholders owning shares by the end of trading day of ARB’s General Assembly meeting date (which will be announced later) and are registered at Depository Center at the end of the second trading day following the General Assembly Meeting date |
Fractional stocks | In case of bonus shares fractions occurrence; the bank will collect all fractions in one portfolio to be sold by market price, the value will be distributed to eligible shareholders each by their share during 30 days from the allocation of new shares to each shareholder. |
Approvals | The proposed grant is subject to obtaining necessary approvals from official authorities and extraordinary general assembly meeting on the capital increase and number of granted shares. |
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