The Saudi Investment Bank announces the Board of Directors’ recommendation to the Extraordinary General Assembly for the capital increase by way of issuing bonus shares to the bank's shareholders by capitalizing part of the Statutory Reserve by way of granting one share for every four shares.
Date of Board Meeting
2024-02-15 Corresponding to 1445-08-05
Capital before increase
10,000,000,000 SAR
Capital after increase
12,500,000,000 SAR
Percentage of Capital increase
25 %
Number of shares before Capital increase
1000000000
Number of shares after Capital increase
1250000000
Reasons for the increase
To support the Bank capital base which will increase the growth percentages and meet the future increases in the Bank activities
Number of Shares Granted per Exiting Share
one share for every four shares
Nature and Value of Reserves Used in the Capitalization
2,500,000,000 SAR will be capitalized from the Statutory Reserve
Eligibility Date
The shareholders registered in the Bank's shareholders' register with the Securities Depository Center Company (Edaa) by the end of the second trading day following the date of the Extraordinary General Assembly meeting, which will be scheduled later, will be eligible for the bonus shares.
Fractional Shares
In case of bonus shares fractions occurrence, then all fractions will be grouped into a single portfolio for all shareholders and sold at the market price and then distributed to the shareholders entitled to the grant each according to their share within 30 days of the date of the determination of the shares due to each shareholder.
Approvals
The proposed grant is subject to obtaining necessary approvals from official authorities and extraordinary general assembly on the capital increase and number of granted shares. It should be noted that the Bank has obtained no-objection from the Saudi Central Bank on the capital increase.
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