SAIB BOD Distributes SR300 mln profits for 1H

The Saudi Investment Bank (SAIB) announced on Sunday the Board of Directors’ resolution regarding the distribution of cash dividends to shareholders for the first half of the fiscal year 2022.

It added that the total distributed amount of SR300,000,000 provided that the share of the distribution is SR0.30 after deducting zakat, and at a distribution ratio to the nominal value of the share of 3%.

The company said that the number of shares entitled to dividends is 1,000,000,000 shares, and the distribution date will be on August 14, 2022.

It explained that the eligibility date shall be at the end of the trading day, Sunday, 31 July 2022 for the shareholders registered in the Bank’s records at the Securities Depository Center Company (Edaa) at the end of the second trading day following the Eligibility date.

It concluded: “We want to draw the attention of the non-resident foreign investors that the cash dividend distribution which is transferred by the resident financial broker is subject to withholding tax of 5%, in accordance with the provisions of article (68) of the Income Tax Law and article (63) of its Implementing Regulations”.

The bank wants to remind its shareholders to update their information and link their bank accounts to their investment portfolios to ensure the receipt of their cash dividends.