Saudi Arabia’s market regulator, the Capital Market Authority (CMA) Board approved on Wednesday Samba Financial Group’s request to raise its capital from SAR 12 billion to SAR 20 billion.
The company plans to issue two bonus shares for every three existing shares owned by registered shareholders by the date of the extraordinary general assembly meeting.
The company will transfer SAR 8 billion from its retained earnings account to its capital in order to pay for the increase.
Shares will be increased from 1,200 million to 2,000 million.
Bonus shares eligibility is limited to shareholders who are listed in the company’s registry at the close of trading on the day of the extraordinary general assembly, which will be determined later by the bank's board.
The assembly meeting should be held within six months from the approval date, according to market rules.
The CMA’s approval is conditional on the group satisfying regulatory requirements and any other applicable laws.
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