07 Feb, 2024
The Arab National Bank Announces the Board of Directors' Recommendation to Increase the Capital by Granting Bonus Shares to the Shareholders
The Arab National Bank announces the issuance of the Board of Directors’ decision by scrolling dated 26 Rajab  1445 AH, corresponding to February 07, 2024 AD, recommending to the extraordinary general assembly of the bank to increase the capital by granting bonus shares to shareholders by granting (1) share for every (3) shares owned.
Date of Board Meeting 7/2/2024
Capital before increase SAR 15,000,000,000
Capital after increase SAR 20,000,000,000
Percentage of Capital increase 33.33%
Number of shares before Capital increase 1,500,000,000
Number of shares after Capital increase 2,000,000,000
 for the increase
The recommendation is aimed to enhance the bank's financial solvency.
Number of Shares Granted per Exiting Share  1 bonus share for every 3 shares owned.
Nature and Value of Reserves Used in the Capitalization The increase will be through capitalization of SAR 5,000,000,000 from retained earnings .
Eligibility Date The eligibility of the bonus shares shall be for shareholders owning shares by the end of trading day of the Bank’s Extraordinary General Assembly meeting date and are registered at Securities Depository Center Company (Edaa) by the end of the second trading day following the Extraordinary General Assembly meeting date (which will be announced later).
Fractional Shares In case of bonus shares fractions occurrence; all fractions will be collected in a single portfolio to be sold at market price, the value will be distributed to eligible shareholders each by their share during a period not exceeding 30 days from the date of the allocation of new shares to each shareholder.
Approvals The proposed grant is subject to obtaining necessary approvals from official authorities and Extraordinary General Assembly on the capital increase and number of granted shares.it should be noted that the Bank has obtained no-objection from the Saudi Central on the capital increase Bank.