Saudi Arabia’s Capital Market Authority (CMA) gave the go-ahead for Saudi British Bank (SABB) to increase its capital from SAR 10 billion to SAR 15 billion through 1-for-2 bonus share distribution.
Shareholders of record until the close of trading on the extraordinary general meeting date are eligible for this distribution.
Such an increase will be paid through transferring SAR 2.5 billion from retained earnings and SAR 2.5 billion from the statutory reserve.
Consequently, the bank's outstanding shares will be increased from 1 billion to 1.5 billion.
Photo Credit: Arabianeye-Reuters