The Board of directors of Bank Albilad announces in the meeting held on 02/03/1434H corresponding to 14/01/2013 that they have recommended to the Extra-Ordinary General Meeting, subject to the approval of official authorities, to approve the increase of Bank Albilad capital by 33% from SAR (3) billion to SAR (4) billion by issuing bonus shares to its shareholders in the ratio of one share for every 3 shares held to the shareholders registered in the Bank's shareholders register as at the end of trading on the Extra-Ordinary General Meeting day which is scheduled in the second quarter of 2013 and which shall be announced in due course.
The Capital increase of SAR (1) billion represents 33% of the Bank's capital by way of capitalization from the retained earning so as to make the Bank's new capital to be SAR (4) billion compared to SAR (3) billion. As a result of the intended increase, the number of shares issued will increase from 300 million shares to 400 million shares. The additional increase will be used to enhance the banks capital base and grow its profits and consequently strengthening the shareholders returns.
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