Alinma Bank GA discusses capital increase to SAR 25 billion, offering 1 share for every 4 shares

Alinma Bank Board of Directors of invited its shareholders to participate and cast their votes in the Extraordinary General Assembly Meeting, which includes the proposed increase of the Bank’s capital (First Meeting). The meeting is scheduled to take place at 07:00 PM on Tuesday, April 23, 2024, via a virtual meeting platform.

Agenda:

Voting on the Board of Directors’ recommendation to increase the capital by capitalization from the retained earnings by way of granting one share for every four shares, according to the following:

• Capital before the increase is SAR 20 billion, divided into 2 billion shares
• Capital after the increase is SAR 25 billion, divided into 2.5 billion shares.
• Total amount of increase is SAR 5 billion.
• Percentage of capital increase: 25%
• This increase aims to strengthen the bank’s financial position which contributes to achieving its strategic objectives.
• The increase will be through capitalizing SAR 5,000 billion from retained earnings, approximately (1) bonus share for every (4) shares owned.

If approved by the Bank’s shareholders in the extraordinary general assembly meeting, eligibility for the capital increase will be granted to shareholders who own shares at the end of trading on the day of the general assembly and are registered in the company’s shareholders register with the Securities Depository Centre Company (“Edaa”) at the end of the second trading day following the entitlement date.

Regarding fractional shares, any fractions will be consolidated into one portfolio for all shareholders and sold at the market price. The resulting value will then be distributed to entitled shareholders, each according to their share, within a period not exceeding 30 days from the date of determining the new shares for each shareholder.

All shareholders registered on Tadawulaty will have the opportunity to remotely vote on the agenda items of the Extraordinary General Assembly virtual meeting, commencing at 1:00 AM on Saturday, April 20, 2024, and continuing until the end of the EGM.