Bank AlJazira’s headquarters
Bank AlJazira’s board of directors recommended today, Jan. 25, a 25% capital increase, through capitalizing part of the statutory reserve, by distributing one bonus share for every four existing shares, according to a statement to Tadawul.
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Capital Increase Details |
|
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Current Capital |
SAR 8.2 bln |
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Number of shares |
820 mln |
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Capital increase (%) |
25% |
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New Capital |
SAR 10.25 bln |
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New Number of Shares |
1.02 bln |
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Method |
Distributing one bonus share for every four shares held |
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Nature & Value of Reserve |
Capitalizing SAR 2.05 bln from statutory reserve |
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Eligibility |
Shareholders of record who are registered with Edaa on the second trading day following the extraordinary general meeting (EGM), the date for which will be determined later |
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Reason |
Supporting the bank's capital base, thus enabling it to achieve its strategic goals |
Fractional shares, if any, will be collected in one portfolio for all shareholders and sold at the market price, then their value will be distributed among the eligible shareholders, on a pro rata basis, within a period not exceeding 30 days from the date of determining the shares due to each shareholder, according to the company's statement.
The capital increase is subject to the approval of the competent authorities as well as the company's EGM.
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