Saudi Hollandi Bank announces capital increase

18/12/2014 07:31 AST

Saudi Hollandi Bank Board of Directors resolved on 17/12/2014 to recommend to the Extra Ordinary General Shareholders Assembly which will be held during the first quarter of 2015, after obtaining approval from the concerned authorities, to increase the Bank's Capital by 20% from SAR 4,762,800,000 to SAR 5,715,360,000 to support its capital base and the business growth. This increase shall be implemented by distribution of one bonus share for every 5 shares, resulting in the increase of the Bank's share capital from 476,280,000 shares to 571,536,000 shares. The capital increase amount of 952.6 mln will be provided from the retained earnings.

The entitlement of the bonus share shall be for the shareholders at the end of the business day of the Extra Ordinary General Assembly which will be held in the first quarter of 2015. Taking into consideration that the cash dividends previously announced shall not accrue to the bonus shares.

Should there be any fractions of shares, these will be gathered in an investment portfolio and will be sold at market during the regulatory period as of the date of allocation of the new shares.


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