| Element List |
Explanation |
| Introduction |
Bank AlJazira announces the Board of Directors resolution dated 25 January 2024 recommending to the Extraordinary General Assembly of the Bank to increase the Bank’s capital through capitalization from the Statutory Reserve by way of granting 1 share for every 4 shares. |
| Date of Board Meeting |
2024-01-25 Corresponding to 1445-07-13 |
| Capital before increase |
8,200,000,000 Saudi Riyal |
| Capital after increase |
10,250,000,000 Saudi Riyal |
| Percentage of Capital increase |
25 % |
| Number of shares before Capital increase |
820000000 |
| Number of shares after Capital increase |
1025000000 |
| Reasons for the increase |
The aim of this proposed increase in the capital is to strengthen the capital base of the Bank which will contribute to enable the Bank to achieve its strategic objectives. |
| Number of Shares Granted per Exiting Share |
1 share for every 4 shares. |
| Nature and Value of Reserves Used in the Capitalization |
The increase in capital will be by capitalizing the amount of 2,050,000,000 Saudi Riyal from the Statutory Reserve account. |
| Eligibility Date |
The shareholders registered in the Bank's shareholders' register with the Securities Depository Center Company (Edaa) by the end of the second trading day following the date of the Extraordinary General Assembly meeting, which will be scheduled later, will be eligible for the bonus shares. |
| Fractional Shares |
In the event of fractional shares, the fractions will be collected in one portfolio for all shareholders and sold at the market price and then distributed to the shareholders entitled to the grant, each according to his share, within a period not exceeding 30 days from the date of determining the new shares due to each shareholder. |
| Approvals |
The grant is conditional on obtaining the approval of the official authorities and the extraordinary general assembly on the increase in the capital and the number of shares granted. |
Comments