SAIB BOD to distribute SAR 450 mln in cash dividends for H2 of 2023

The Saudi Investment Bank announced on Sunday that the Board of Directors resolution regarding the distribution of interim cash dividends to shareholders for the second half of the fiscal year 2023, the total amount distributed is 450 million riyals, with the share of the distribution being 0.45 riyals after deducting zakat, with a distribution ratio to the nominal value of the share of 4.5%.

The company said today on Tadawul that the number of shares eligible for dividends is one billion shares, and the distribution date will be Wednesday, March 6.

The Eligibility date shall be at the end of the trading day, Sunday, 15 Sha’ban 1445H, Corresponding to 25 February 2024 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 should be noted that the Bank has obtained no objection from the Saudi Central Bank on the Board of Directors’ resolution to distribute interim cash dividends to shareholders for the second half of the fiscal year 2023.

The Saudi Investment Bank has previously distributed a net cash dividend of SAR 400 Million for the first half of the fiscal year 2023 to 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 16-01-1445H corresponding to 03-08-2023 for SAR 0.40 per share, which represented 4% of the nominal value of the share. Therefore, the total net distributed dividends for the financial year ending 31-12-2023 will amount to SAR 850 Million for SAR 0.85 per share, which will represent 8.5% of the nominal value of the share.

We would like 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 a withholding tax of 5%, in accordance with the provisions of article (68) of the Income Tax Law and article (63) of its Implementing Regulations.