The capital increase of SR2.5 billion represents 33 percent of the bank's capital so that the bank's new capital will become SR10 billion compared to SR7.5 billion, the statement added.
As a result of the intended increase, the number of shares issued will increase from 750 million shares to 1,000 million shares, as the additional increase will be used to enhance the bank's capital base and grow its profits and consequently strengthening the shareholders returns.
The board has also decided to recommend the payment of annual cash dividends for 2011 of SR562.5 million at the rate of SR0.65, which represents 6.5 percent of the share's nominal value per share after deduction of Zakat, taking into consideration that the cash dividends shall not accrue to the bonus shares.
