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ISBK approves raising its capital to $69 million and distributing 8.50% cash dividends for the year 2016.

2017-04-02

The general assembly of Palestine Islamic Bank ISBK approved, in its ordinary and extraordinary meetings on 29/03/2017, raising the subscribed and paid-up capital by $6.50 million to reach $69 million through distributing $3.50 million stocks dividends (5.60% from the paid up capital prior to the distribution), and $3.00 million through secondary subscription at the price of $1.65 ($1 par value and 0.65 premium). The subscription will start on Sunday 16/04/2017 and end on Sunday 14/05/2017. Furthermore, the shareholders as of the PEX records on Monday 10/04/2017 are able to subscribe. On the other hand, the general assembly also approved distributing $5.31 million cash dividends (8.50% from the paid up capital prior to the distribution), to record 3.78% dividends yield based on the stock’s price on the entitlement date and 42.08% payout ratio.