News Detail - anb
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 |
| Reasons 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. |
Arab National Bank (anb) - a Saudi joint stock co. - paid up capital SR. 15,000 Million - Unified No. 7000018007 - License No. 4017/m/a/254- National Address 7317 King Faisal Rd. Al Murabba, unit number 1, Riyadh 12613-3536 - P.O. Box 56921, Riyadh 11564, Kingdom of Saudi Arabia - Website: anb.com.sa - Telephone +966114029000 - Fax +966114027747 The Bank is regulated and supervised by Saudi Central Bank
© 2024 anb. All Rights Reserved