Bank Albilad announced that its Board of Directors has recommended increasing the bank’s capital from SAR 12.5 billion to SAR 15 billion by capitalizing a portion of retained earnings and the statutory reserve, granting one bonus share for every five shares held.
The bank clarified that the number of shares before the increase stood at 1.2 billion and will rise to 1.5 billion following the increase, representing a 20% growth.
According to the announcement published on Tadawul, the capital increase aims to strengthen the bank’s financial position and support its operational activities.
The bank further stated that SAR 1.5 billion will be capitalized from retained earnings and SAR 1 billion from the statutory reserve.
The entitlement to the bonus shares will be granted to shareholders registered in the bank’s shareholder registry with the Securities Depository Center Company at the close of the second trading day following the date of the General Assembly meeting.
