Riyadh – Mubasher: Saudi Hollandi Bank (SHB) announced Sunday that its ordinary and extraordinary general meeting (EGM, OGM) will be held on 2 May to vote on increasing the capital by 100% to SAR 11.4 billion from SAR 5.7 billion.
The capital hike will be through capitalising SAR 1.67 billion from retained earnings and SAR 4,042 million from statutory reserves by distributing 1-for-1 bonus shares.
Thus, the bank’s share capital will increase from 571.54 million shares to 1.14 billion shares, according to a bourse filing.
The Capital Market Authority (CMA) earlier approved a request from SHB to double its capital, making it the 12th raise since 1994.
The OGM will discuss a proposal by the bank’s board of directors to distribute cash dividends at 2.5% of the share’s par value (0.25 halala per share) and bonus shares for the fiscal year 2015.
The bank’s stock closed Thursday’s session at SAR 25.13 after rising 0.68%.
