ANB Agrees to Increase Capital to 20 Billion Riyals Through Stock Grant

The Board of Directors of the Arab National Bank announced on Tuesday the results of the Extraordinary General Assembly Meeting, which included a capital increase of 33.33% by granting bonus shares. According to the bank’s statement, the capital before the increase was 15 billion riyals, divided into 1.5 billion shares. It will become 20 billion riyals after the increase, divided into two billion shares, reflecting a 33.33% increase. This increase will be achieved by capitalizing 5 billion riyals from the retained earnings account, granting one bonus share for every three shares owned. The eligibility for these bonus shares will be for 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 Center Company (“Edaa”).

The Extraordinary General Assembly also approved the bank’s purchase of up to 5,000,000 of its shares to allocate them to employees under the Employee Share Program. This purchase will be financed through the bank’s own resources, and the Board of Directors is delegated to complete the purchase within twelve months from the date of the Extraordinary General Assembly. The bank will retain the purchased shares for a maximum of ten years from the date of the extraordinary general assembly’s approval until they are allocated to eligible employees. After this period, the bank will follow the procedures and controls stipulated in the relevant laws and regulations.