SAIB’s shareholders approve SAR 2.5bn capital raise

SAIB’s shareholders approve SAR 2.5bn capital raise

Riyadh - Mubasher: The extraordinary general meeting (EGM) of Saudi Investment Bank (SAIB) have approved a capital increase of SAR 2.50 billion (33.3%) through bonus shares earlier this month, according to a bourse disclosure.

The nod will bring the company’s total capital to SAR 10 billion, compared to SAR 7.50 billion prior to the hike.

The number of shares after the increase will amount to 1 billion, compared to 750 million.

The capital increase will be made by capitalising SAR 2.50 billion from the statutory reserve.

The Saudi listed bank noted that the raise will enhance its capital base to endorse its current and future bank activities.

Last month, the Capital Market Authority (CMA) approved for SAIB to increase its capital by 33% through bonus shares.