SAIB BOD Recommends Increasing Capital to SR10 Bln by Granting Bonus Shares

The Saudi Investment Bank (SAIB) announces the board’s recommendation to the Extraordinary General Assembly for the capital increase by way of issuing bonus shares to the bank’s shareholders by capitalizing part of the Statutory Reserve by way of granting one share for every three shares.

Securities Depository Center Company indicated on Tadawul on Wednesday that the Capital before increase SR 7,500,000,000. The capital after increase is SR10, 000,000,000. The percentage of Capital increase is 33.33 % to support the Bank capital base which will increase the growth percentages and meet the future increases in the Bank activities.

The company added that number of shares before capital increase. The number of shares after capital increase is 1000000000 and SR2, 500,000,000 will be capitalized from the Statutory Reserve.

The shareholders registered in the Bank’s shareholders’ register with the Securities Depository Center Company (Edaa) by the end of the second trading day following the date of the Extraordinary General Assembly meeting, which will be scheduled later, will be eligible for the bonus shares. The cash dividend previously announced shall not accrue to the bonus shares.

In case of fractions, the fractions will be grouped into a single portfolio for all shareholders and sold at the market price and then distributed to the shareholders entitled to the grant each according to their share within 30 days of the date of the determination of the shares due to each shareholder.

The proposed grant is subject to obtaining necessary approvals from official authorities and extraordinary general assembly on the capital increase and number of granted shares.