The National Commercial Bank announced that the Board of Directors recommended at its meeting held on 28-12-2017 to the Extraordinary General Assembly to increase the bank's paid-up capital from SAR 20,000 million to SAR 30,000 million, by granting free shares to the bank's shareholders by 50% of the capital value, so that each shareholder gets one share for every two shares.
National Commercial Bank announced that this capital increase comes to support and strengthen the bank's capital base to enable it to grow its business and expand new activities in the coming years.
Mansour Al Maiman, Chairman of the Board of Directors, explained that this capital increase comes to support and strengthen the bank's capital base to enable it to achieve growth rates in the bank's business and expand in new activities in the coming years. The capital increase will be done by capitalizing SAR 10,000 million from the retained earnings account. The increase in the capital will also be done by capitalizing SAR 10,000 million from the retained earnings account.
The number of issued shares will increase from 2.000 million shares to 3.000 million shares by granting one free share for every two shares held. The eligibility of the bank's shares will be one free share for every two shares held.
The eligibility of the bonus shares will be for the bank's shareholders who own shares at the end of the day of the Extraordinary General Assembly and are registered in the bank's records with the Securities Depository Center Company at the end of the second trading day following the date of the Assembly, the date of which will be announced later after obtaining regulatory approval.
It is noteworthy that if there are fractional shares, they will be grouped into one portfolio for all shareholders and sold at the market price and then their value will be distributed to the shareholders entitled to the grant according to their share within a period not exceeding 30 days from the date of determining the shares due to each shareholder, and the grant shares are conditional on the approval of the official authorities and the Extraordinary General Assembly for the increase in the capital and the number of shares granted.
