The Saudi Investment Bank Announces the Distribution of an Interim Cash Dividends to Shareholders for the Second Half of the fiscal year 2023
| Element List | Explanation |
|---|---|
| Introduction | The Saudi Investment Bank announces the Board of Directors resolution regarding distribution of an interim cash dividends to shareholders for the second half of the fiscal year 2023. |
| Date of the board’s decision | 2024-02-15 Corresponding to 1445-08-05 |
| The Total amount distributed | SAR 450,000,000 |
| Number of Shares Eligible for Dividends | 1,000,000,000 shares |
| Dividend per share | SAR 0.45 after deduction of Zakat |
| Percentage of Dividend to the Share Par Value (%) | 4.5 % |
| Eligibility date | Shall be at the end of trading day, Sunday, 15 Sha’ban 1445H Corresponding to 25 February 2024 for the shareholders registered in the Bank’s records at the Securities Depository Center Company (Edaa) at the end of the second trading day following the Eligibility date. |
| Distribution Date | Wednesday, 25 Sha’ban 1445H Corresponding to 06 March 2024 |
| The name of other official authorities and the details of their non-refusal to the recommendation or decision | It should be noted that the Bank has obtained no-objection from the Saudi Central Bank on the Board of Directors’ resolution to distribute an interim cash dividends to shareholders for the second half of the fiscal year 2023. |
| Additional Information | The Saudi Investment bank has previously distributed a net cash dividends of SAR 400 Million for the first half of the fiscal year 2023 to the shareholders registered in the Bank’s records at the Securities Depository Center Company (Edaa) at the end of second trading day following the eligibility date 16-01-1445H corresponding to 03-08-2023 for SAR 0.40 per share, which represented 4% of the nominal value of the share. Therefore, the total net distributed dividends for the financial year ending 31-12-2023 will be amounting to SAR 850 Million for SAR 0.85 per share, which will represent 8.5% of the nominal value of the share.
We would like to draw the attention of the non-resident foreign investors that the cash dividend distribution which is transferred by the resident financial broker is subject to withholding tax of 5%, in accordance with the provisions of article (68) of the Income Tax Law and article (63) of its Implementing Regulations. The bank would like to remind its shareholders to update their information and link their bank account to their investment portfolios to ensure the receipt of their cash dividends. The bank would also like to remind its shareholders to ensure the receipt of their dividends from previous years by following the steps in the below designated link. https://www.saib.com.sa/en/dividends |
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