Saudi Investment Bank (SAIB) headquarters
Shareholders of The Saudi Investment Bank (SAIB) approved the board’s recommendation to distribute one bonus share for every four shares held to raise capital by 25%, during the extraordinary general meeting (EGM) held on April 30.
The process will be financed through capitalizing a part of the statutory reserve, according to a statement to Tadawul.
|
Capital Increase Highlights |
|
|
Current Capital |
SAR 10 bln |
|
Current Number of Shares |
1 bln |
|
Capital Increase (%) |
25% |
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New Capital |
SAR 12.5 bln |
|
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 |
April 30, 2024 (Shareholders of record, and those registered with Edaa on the second trading day following the record date) |
|
Reason |
Strengthening the bank’s capital base, to boost growth rates and expand its business in the coming years |
Fractional shares will be grouped into a single portfolio for all shareholders, sold at market price, and then distributed pro rata to the shareholders entitled to the grant within 30 days of determining the shares due to each shareholder.
The announced cash dividend does not include bonus shares.
Other agenda items, including authorizing the board of directors to pay semi-annual or quarterly dividend for 2024, were also approved.
In a separate statement, the Saudi Exchange (Tadawul) said SAIB’s daily trading fluctuation limit after its capital increase will be based on a share price of SAR 13.5 as of today, May 1.
Accordingly, the outstanding orders will be canceled.
The Securities Depository Center (Edaa) will deposit the additional shares into investor portfolios by May 5.
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