SAIB gets regulatory nod for SAR 2.5bn capital hike

SAIB gets regulatory nod for SAR 2.5bn capital hike

The Capital Market Authority (CMA) approved for Saudi Investment Bank (SAIB) to increase its capital by SAR 2.5 billion (33%) through bonus shares, according to a bourse disclosure on Sunday.

SAIB requested the CMA to raise the capital from SAR 7.50 billion to SAR 10 billion by issuing one bonus share for every three owned shares.

The Saudi lender’s outstanding shares will therefore increase to 1 billion shares, compared to 750 million shares prior to the capital raise.

Last December, SAIB’s board gave its green light for the capital increase by capitalising SAR 2.5 billion from the statutory reserves.