AI Summary
Logo of Alinma Bank
Alinma Bank’s board of directors recommended a 20% capital increase through the issuance of one bonus share for every five shares held, by capitalizing SAR 5 billion from the statutory reserve and retained earnings in equal proportions.
The recommendation was made at the meeting held on Jan. 27.
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Capital Increase Details |
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Current Capital |
SAR 25 bln |
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Current No. of Shares |
2.5 bIn |
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Capital increase (%) |
20% |
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New Capital |
30 bIn |
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No. Shares after Increase |
3 bIn |
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Method |
Distribution of one bonus share for every five shares held |
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Nature and Value of Reserve |
Capitalizing SAR 5 billion from the statutory reserve and retained earnings in equal proportions. |
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Record date |
For shareholders registered with Edaa on the second trading day following the extraordinary general meeting (EGM) date, which will be announced at a later date. |
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Reason |
Strengthening the bank’s financial solvency and retain resources for operational activities, supporting the achievement of its strategic goals. |
In a statement to Tadawul, Alinma Bank said that in the event of fractional shares, they will be pooled into a single portfolio for all shareholders and sold at market price.
The proceeds will then be distributed to eligible shareholders according to their respective entitlements within 30 days from the date the new shares are determined for each shareholder.
The bank noted that the bonus issue is subject to obtaining the approvals of the relevant regulatory authorities and shareholders at the EGM for the capital increase and the number of bonus shares to be issued.
It also confirmed that the Saudi Central Bank (SAMA) granted its no-objection to the capital increase on Jan. 27.
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