One of SAIB branches
The Capital Market Authority (CMA) approved the application from The Saudi Investment Bank (SAIB) to increase its capital from SAR 10 billion to SAR 12.5 billion through a bonus share distribution, the market regulator said in a statement today, March 24.
The capital top-up will be funded by transferring SAR 2.5 billion from statutory reserve. Thus, the number of the company's shares will increase by 250 million to 1.25 billion.
The CMA added that the company's extraordinary general meeting (EGM) should be held within six months from this approval date, provided that SAIB satisfies all regulatory requirements and applicable laws.
SAIB's board of directors recommended on Feb. 15 the distribution of one bonus share for every four shares held to raise capital by SAR 2.5 billion through capitalizing part of its statutory reserve, according to Argaam's data.
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Capital Increase Highlights |
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Current Capital |
SAR 10 bln |
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Current Number of Shares |
1 bln |
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Capital Increase (%) |
25% |
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New Capital |
SAR 12.5 bln |
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New Number of Shares |
1.25 bln |
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Nature & Value of Reserve |
Capitalizing SAR 2.5 bln of statutory reserve |
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Eligibility |
Shareholders registered with Edaa on the second trading day following the EGM, the date for which will be determined later |
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Reason |
Strengthening the bank’s capital base, which will contribute to boosting growth rates and expanding its business in the coming years |
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