Riyadh – Mubasher: Bank Albilad’s shareholders approved the board of directors’ proposal to raise the bank’s capital by 25% through bonus shares during an extraordinary general meeting (EGM) held on Tuesday.   

The Saudi lender’s capital will be increased to SAR 7.5 billion from SAR 6 billion through raising the number of shares to 750 million shares from 600 million shares, according to a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

The capital raise will be carried out by capitalising SAR 1.14 billion from statutory reserves and SAR 355.87 million from retained profits through distributing a 1-for-4 bonus issue.

The eligibility of bonus shares shall be for the shareholders owning shares on the EGM date and as per the registered shareholders in the register of the Securities Depository Center Company at the end of the second trading day following the EGM date.

In mid-February, the Saudi Capital Market Authority (CMA) approved Bank Al Bilad’s request to raise its capital by SAR 1.5 billion to SAR 7.5 billion through bonus shares.

The Securities Depository Center Company will deposit the additional shares into eligible investors’ portfolios before the beginning of trading on 14 April.