Bank Albilad announces the board's recommendation to the Extraordinary General Assembly for the capital increase through capitalization from the retained earnings by way of granting one share for every four shares.
Date of Board Meeting
2024-02-04 Corresponding to 1445-07-23
Capital before increase
10,000,000,000 SAR
Capital after increase
12,500,000,000 SAR
Percentage of Capital increase
25 %
Number of shares before Capital increase
1000000000
Number of shares after Capital increase
1250000000
Reasons for the increase
The increase in capital aims to enhance the Bank's financial solvency and retain its resources in operational activities.
Number of Shares Granted per Exiting Share
one share for every four shares
Nature and Value of Reserves Used in the Capitalization
2,500,000,000 SAR will be capitalized from the retained earnings
Eligibility Date
Bonus shares will be eligible for shareholders registered in the Bank's shareholders' register with the Securities Deposit 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.
Fractional Shares
In the event of stock fractures, the fractions will be grouped into a single portfolio for all shareholders and sold at the market price and then distributed to the shareholders entitled to the grant each according to their share within a period not exceeding 30 days from the date of the determination of the shares due to each shareholder.
Approvals
The grant is conditional on the approval of the Regulators and the Extraordinary General Assembly on the increase in capital and the number of shares granted.
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