NCB board recommends increase in capital through bonus shares

31/12/2017 09:37 AST

The Board of Directors of NCB has recommended on 28-12-2017 corresponding to 10-04-1439H to an Extraordinary General Shareholders Assembly (EGAM) an increase the Banks capital through bonus shares as following:

1- Banks capital before increase is SAR 20,000 million companys capital after increase SAR 30,000 million. with an increase by 50%.

2- The number of shares before increasing 2,000 million shares. the number of shares after increasing 3,000 million shares.

3- This recommendation is based on the Boards desire to support and strengthen the Banks capital base to enable it to achieve growth rates in the Banks business and expand new activities over the coming years.

4- Offering 1 bonus shares for every 2 shares owned.

5- The increasing will be doing through capitalization SAR 10,000 million from account retained earnings

6- The bonus shares are limited the shareholders owning shares at the end of the day of the Extraordinary General Assembly meeting of the bank and registered with the company of the Depository Center (Edaa) by the end of the second trading day of the date of the Extraordinary General Assembly meeting which will be held during 2018 and which will be announced later after obtaining the necessary approvals from the authorities.

Please note that in case of bonus shares fractions. the company will collect these fractions in one portfolio then proceed with selling with market price these fractions over a period of 30 days to complete their allocation to all new .shares.

The Bank also wishes to draw the attention of shareholders that this bonus share issuance is conditional on the approval from the official authorities and the Extraordinary General Assembly (EGA) to increase the banks capital

Tadawul