Alinma Bank announced its Board of Directors' decision on December 31, 2023, to recommend to the extraordinary general assembly a capital increase to 25 billion riyals, representing a 25% increase. This will be achieved through the issuance of bonus shares in a 1:4 ratio, capitalizing 5 billion riyals from retained earnings.
Commenting on the decision, Dr. Abdulmalik bin Abdullah Alhogail, Chairman of the Board of Directors, emphasized the dual objectives of the capital increase: strengthening financial solvency and preserving resources for operational activities. This move aligns with the bank's impressive growth across all sectors and its commitment to delivering exceptional service to individual and corporate customers, further contributing to national economic development.
Dr. Alhogail highlighted Alinma Bank's robust financial position and consistent operational growth, noting its dedication to enhancing shareholder returns, a testament to its loyal customer base and adoption of cutting-edge banking technologies. He further commended the bank's unwavering commitment to providing a distinguished customer experience through proactive introductions of new services and products.
Bonus shares will be distributed to shareholders registered with the deposit center at the end of the second trading day following the extraordinary general assembly (EGM) date, which will be announced soon.