AI Summary
Logo of Bank Albilad
Bank Albilad’s shareholders are set to vote on a 20% capital hike to SAR 15 billion via a 1:5 bonus share distribution, during the extraordinary general meeting (EGM) to be held on April 14, as follows:
|
Capital Hike Details |
|
|
Current Capital |
SAR 12.5 bln |
|
Current Number of Shares |
1.25 bln |
|
Percentage Increase |
20% |
|
New Capital |
SAR 15 bln |
|
New Number of Shares |
1.5 bln |
|
Method |
1-for-5 bonus share distribution |
|
Reserves |
Capitalizing SAR 1.5 bln from retained earnings and SAR 1 bln from the statutory reserve |
|
Record Date |
April 14, 2025 (Shareholders registered with the Securities Depository Center Co. (Edaa) at the end of the second trading day following the record date) |
|
Reason |
Strengthening the bank’s financial position and preserving its resources for operational activities |
Fractional shares, if any, will be compiled into one portfolio for all shareholders and will be offered at market price. Proceeds will be distributed among eligible shareholders pro rata within 30 days maximum.
Other agenda items include voting on authorizing the board of directors to pay interim dividends on a semi-annual or quarterly basis for 2025.
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In February, Bank Albilad’s board recommended a 20% capital top-up via a 1:5 bonus issue. Earlier this month, the Capital Market Authority (CMA) approved the bank’s capital hike file, according to Argaam’s data.
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