SAIB gets regulatory nod for capital hike

14/03/2017 Argaam

The Capital Market Authority (CMA) has approved Saudi Investment Bank’s (SAIB) request to increase capital by 7.1 percent to SAR 7.5 billion by issuing one bonus share for every 14 shares held, the bank said in a statement.

 

The capital raise will be financed by transferring SAR 500 million from retained earnings, and the total outstanding shares will increase from 700 million to 750 million.

 

SAIB’s board of directors had first recommended the capital raise last December.

 

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