Riyadh – Mubasher: The board of Saudi Investment Bank (SAIB) has recommended a 33.33% capital increase by capitalising part of the statutory reserve by distributing one share for every three shares.
The capital will rise to SAR 10 billion, compared to SAR 7.5 billion, distributing over 1 billion shares, according to a bourse filing on Wednesday.
This step aims to support the bank's capital base to contribute to a rise in growth rates and expansion in activities.
A total of SAR 2.5 billion will be capitalised from the statutory reserves.
