SAIB approves 7.1% capital hike, 5% cash dividend for FY16

Saudi Investment Bank’s (SAIB) shareholders approved increasing capital to SAR 7.5 billion from SAR 7 billion by issuing one bonus share for every 14 shares held, the bank said in a statement to the Saudi stock exchange (Tadawul) on Tuesday.

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

In a separate statement on Tuesday, Tadawul said that SAIB’s fluctuation limit after its capital increase will be based on a share price of SAR 12.97.

Meanwhile, SAIB’s extraordinary general assembly approved a 5 percent cash dividend, to be issued at SAR 0.50, for fiscal year 2016.

Shareholders of record on the extraordinary general assembly date are eligible for the bonus shares and cash dividend, the statement said, adding that payment will start on April 20.