Bank Albilad BoD Recommends Increasing Capital to SR10 billion in Bonus Shares

Bank Albilad announce on Tuesday the board’s recommendation to the Extraordinary General Assembly for the capital increase by way of issuing bonus shares to the bank’s shareholders by capitalization from the retained earnings by way of granting one share for every three shares.

The capital before increase was SR7,500,000,000, and after capital after increaser reached SR10,000,000,000. The percentage of capital increase is 33.33 %” Bank Albilad said.

The increase in capital aims to enhance the Bank’s financial solvency and retain its resources in operational activities.

The number of shares granted per exiting share is one share for every three shares.

For nature and value of reserves used in the capitalization SR2,500,000,000 will be capitalized from the retained earnings.

Bonus shares will be eligible for shareholders registered in the Bank’s shareholders’ register with the Securities Deposit Center Company (Deposit Center) by the end of the second trading day following the date of the Extraordinary General Assembly meeting, which will be scheduled later.

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 30 days of the date of the determination of the shares due to each shareholder.

The grant is conditional on the approval of the official authorities and the extraordinary General Assembly on the increase in capital and the number of shares granted.