The National Bank (TNB) announced today that it has completed the listing of bonus shares on the Palestine Stock Exchange, which were distributed as dividends to its shareholders in accordance with the General Assembly’s last ordinary meeting decision. There were 8.5 million shares listed, and TNB’s paid-up capital grew therefore from $105 million to $113 million.

TNB’s Chairman of the Board, Samir Zraiq, commented that this step aims to increase the total returns to shareholders by distributing sustainable and increasing profits. It creates higher long-term value for shareholders. It also strengthens TNB’s base to support its growth and development plans and achieve new objectives in the Palestinian banking market. He stressed that after raising its paid-up capital, TNB also strengthened its position as the second largest Palestinian bank in terms of the volume of paid-up capital.

It is worth noting that TNB’s General Assembly held a plenary and an extraordinary session this month and approved the Board of Directors’ recommendation to distribute dividends to shareholders as bonus shares of 8.13% of the paid-up capital (the paid-up capital amounted at the time to $105 million). The General Assembly also agreed on a number of other decisions, including raising the bank's authorized share capital to $115 million. A new Board of Directors was also elected for the next 4 years. It includes senior Palestinian businessmen and women, major Palestinian companies and Jordanian banks, and a group of independent talent.