Riyadh – Mubasher: Bank Albilad has received the approval of the Capital Market Authority on raising its capital to SAR 6 billion (600 million shares) from SAR 5 billion (500 million shares), according to the regulator’s statement issued Monday.
The bank will issue bonus shares at 1-for-5 to shareholders of record till the close of trading on the extraordinary general meeting date.
A total of SAR 468 million and SAR 532 million will be transferred from the retained earnings and statutory reserve to finance the capital hike.
Earlier this month, the lender’s board of directors nodded to raising capital through 20% bonus share distribution.
