CMA approves Bank Al Bilad’s request to increase its capital through bonus shares

Capital Market Authority announced the issuance of its decision approving Bank Albilad’s request to increase its capital from 10 billion riyals to 12.5 billion riyals by granting a free share for every 4 outstanding shares owned by shareholders registered in the register of shareholders of the issuer at the deposit center at the end of the second trading day following the maturity date. The date of which will be determined by the Bank’s Board of Directors at a later date.

According to the Authority, the value of the capital increase will be paid by transferring an amount of 2.5 billion riyals from the “retained earnings” item, and thus the number of shares increases from one billion shares to 1.25 billion shares, an increase of 250 million shares. Provided that the date of the extraordinary general assembly does not exceed 6 months from the date of this approval, and that the bank completes the relevant legal procedures and requirements.