Logo of Arab National Bank (ANB)
The Capital Market Authority (CMA) approved the application from Arab National Bank (ANB) to raise its capital from SAR 15 billion to SAR 20 billion via a bonus issue, the market regulator said in a statement today, March 11.
Accordingly, one bonus share will be issued for every three shares held by shareholders registered with the Securities Depository Center (Edaa) by the close of the second trading day after the record date, to be determined later by the bank’s board of directors.
The capital top-up will be funded by transferring SAR 5 billion from retained earnings and statutory reserves. Therefore, the number of ANB’s shares will increase by 1.5 billion to 2 billion.
The CMA added that the bank's extraordinary general meeting (EGM) should be held within six months from this approval date, provided that ANB satisfies all regulatory requirements and requisite procedures.
According to Argaam’s data, ANB’s board recommended in February a 33.33% capital increase through distributing one bonus share for every three shares held, as the following table shows:
|
Capital Hike Highlights |
|
|
Current Capital |
SAR 15 bln |
|
Current Number of Shares |
1.5 bln |
|
Percentage Increase (%) |
33.33% |
|
New Capital |
SAR 20 bln |
|
New Number of Shares |
2 bln |
|
Method |
Issuing 1 bonus share for every 3 shares held |
|
Nature & Value of Reserve |
Capitalizing SAR 5 bln from retained earnings and statutory reserves |
|
Eligibility |
Shareholders registered with Edaa on the second trading day following the EGM, the date for which will be determined later |
|
Reason |
Strengthening the bank’s financial solvency |
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}