Riyadh – Mubasher: Saudi Hollandi Bank’s ordinary (OGM) approved on Monday to distribute cash dividends at 25 halalas (2.5% of the share’s par value) for the fiscal year 2015, totalling SAR 142.88 million.
The bank’s extraordinary general meeting (EGM) also agreed on increasing the capital by 100% to SAR 11.4 billion from SAR 5.7 billion through capitalising SAR 1.67 billion from retained profits and SAR 4.04 billion from statutory reserve.
The number of stocks will be increased to 1.14 billion from 571.5 million as the article No (6) in the bank’s statute was amended to comply with the capital hike, according to a bourse filing.
The capital raise is the 12th of its kind since 1994, according to data compiled by Mubasher.
Shareholders of the bank earlier approved to pay cash dividends at SAR 1 (10% of the share’s par value) for the fiscal year 2014, totalling SAR 476.28 million, and increase the capital to SAR 5.7 billion through distributing bonus shares.
The stock closed Monday with a fall of 1.25% to SAR 25.99.
