The Saudi Capital Market Authority approved the request of Alinma Bank to increase its capital from 15 billion riyals to 20 billion riyals.
According to the authority’s statement on the Tadawul website, the bank’s capital will be increased through bonus shares by one bonus share for every 3 outstanding shares owned by shareholders.
The bonus shares include the shareholders registered in the issuer's shareholder register at the Deposit Center at the end of the second trading day following the due date, which the bank’s board of directors will determine its date at a later time.
The value of the capital increase will be paid by transferring (3,423,000,000) riyals from the statutory reserve item and (1,577,000,000) riyals from the retained earnings item.
After performing this step, the number of shares increases from (1,500,000,000) shares to (2,000,000,000) shares, an increase of (500,000,000) shares.
The approval of the commission stipulated that the capital increase be requested, that the date of the extraordinary general assembly not exceed 6 months from the date of this approval, and that the bank complete the relevant regulatory procedures and requirements.
