Riyadh - Mubasher: Bank Albilad shareholders approved, during their ordinary general assembly meeting held on Monday, the board's recommendation to increase capital by 20% to SAR 15 billion through issuing bonus shares to shareholders, at one share for every five shares held.

The bank explained in a statement on Tadawul today, Tuesday, that its capital will be increased from SAR 12.5 billion to SAR 15 billion, with the number of shares raised from 1.25 billion to 1.5 billion.

The bank added that the increase will be paid through capitalizing SAR 1.5 billion from retained earnings and SAR 1 billion from the statutory reserve.

The bank also noted that the eligibility date will be April 14, 2025, for those registered in the bank's shareholders' register with the Securities Depository Center Company (Depository Center) at the end of the second trading day following the due date.

The bank explained that the aim of the increase is to enhance the bank's financial solvency and preserve its resources for operational activities.

The bank added that in the event of fractional shares, the fractions will be collected in a single portfolio for all shareholders and sold at the market price, then their value will be distributed to shareholders entitled to the bonus, each according to his share, within a period not exceeding 30 days from the date of determining the shares due to each shareholder.

The Assembly also approved authorizing the Board of Directors to distribute interim dividends to the Bank's shareholders on a semi-annual or quarterly basis for the fiscal year 2025.

The Saudi Stock Exchange (Tadawul) clarified in a statement that the Securities Depository Center Company (SDC) will add the bonus shares to shareholders' portfolios before the start of trading on Thursday, April 17, 2025.