Bank Albilad's board of directors recommended increasing the bank's capital by granting bonus shares to shareholders; After the increase, the bank's capital becomes 10 billion riyals, divided into 10 billion shares.
The bank said in a statement to the Saudi market (Tadawul), today, Tuesday, that it recommended to the extraordinary general public to increase the capital through bonus distributions by capitalizing the retained earnings by one share. for every three shares.
The bank clarified that the increase will be 33.33%, noting that the capital before the increase is 7.5 billion riyals, distributed over 750 million shares.
The bank stressed that the reasons for the capital increase aim to enhance the bank's financial solvency and preserve its resources in operational activities.
He indicated that 2.5 billion riyals will be capitalized from the retained profits, indicating that the eligibility date will be for the shareholders registered in the bank's shareholders register with the Securities Depository Center Company (Depository Center). At the end of the second trading day following the date of the Extraordinary General Assembly, whose date will be determined later.
In the event that there are fractional shares, the fractions will be collected in one portfolio for all shareholders and sold at the market price, then their value will be distributed to the shareholders entitled to the grant, each according to his share, within a period of no more than Exceeding 30 days from the date of determining the shares due to each shareholder.
The bank added that the grant is conditional on obtaining the approval of the official authorities and the extraordinary general assembly on the increase in the capital and the number of shares granted.
