Riyadh-Mubasher: Bank Albilad will hold its extraordinary general meeting on 11 April, to discuss agenda items; mainly capital increase.
Shareholders will look into raising capital by 20% to SAR 6 billion ($1.60 billion) from SAR 5 billion ($1.33 billion), through distributing one-for-five bonus shares.
The top-up will be effected through capitalising SAR 468 million from retained earnings and SAR 532 million from statutory reserve.
Shareholders of record on 11 April are entitled to this distribution.
The capital increase is aimed at boosting the lender’s financial solvency and maintaining its resources.
FY15 net earnings declined 9% to SAR 788.4 million ($210.23 million), compared with SAR 864 million ($230.39 million) a year earlier.
The stock closed Tuesday at SAR 23.85, falling 29%.
