SAIB’s board proposes 33% capital increase

SAIB’s board proposes 33% capital increase

Riyadh – Mubasher: The board of Saudi Investment Bank (SAIB) has recommended a 33.33% capital increase by capitalising part of the statutory reserve by distributing one share for every three shares. The capital will rise to SAR 10 billion, compared to SAR 7.5 billion, distributing over 1 billion shares, according to a bourse filing on Wednesday. This step aims to support the bank's capital base to contribute to a rise in growth rates and expansion in activities. A total of SAR 2.5 billion will be capitalised from the statutory reserves. Source: Mubasher All Rights Reserved - Mubasher Info © 2005 - 2021 Provided by SyndiGate Media Inc. ( Syndigate.info ). Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here .