Extraordinary General Assembly Approves Capital Increase for The Saudi Investment Bank
The extraordinary general assembly of The Saudi Investment Bank has approved a capital increase of 25% from 10 billion riyals to 12.5 billion riyals. This will be achieved by issuing bonus shares at a rate of one share for every four owned shares, capitalizing 2.5 billion riyals from the statutory reserve.
In a statement to the Saudi Exchange (Tadawul) on Wednesday, the bank announced that the number of shares will increase from 1 billion shares to 1.2 billion shares following the capital increase. The objective of this move is to strengthen the bank’s capital base, thereby supporting growth and expansion in its operations in the coming years.
In the case of fractional shares, they will be aggregated into a single portfolio for all shareholders and sold at the market price. The proceeds will then be distributed to the shareholders entitled to the bonus shares in proportion to their holdings within a period not exceeding 30 days from the date of determining the eligible shares for each shareholder.
Additionally, the general assembly has authorized the board of directors to distribute interim dividends to shareholders on a semi-annual or quarterly basis for the fiscal year 2024.
