Saudi Investment Bank obtains CMA’s nod for $666mln capital raise

Faisal Al Nasser

In 2023, the bank’s net profits grew by 16.82%

Staff Writer, Mubasher

March 26, 2024

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Riyadh – The Capital Market Authority (CMA) approved the capital hike of the Saudi Investment Bank (SAIB) by granting one bonus share for every four owned shares.

SAIB will transfer SAR 2.50 billion from the statutory reserve account to implement the transaction, according to a bourse disclosure.

The new capital will stand at SAR 12.50 billion distributed over 2.50 billion shares, compared to SAR 10 billion and 1 billion shares.

It is worth highlighting that the lender’s board recommended the 25% capital raise last February.

In 2023, the bank’s net profits grew by 16.82% to SAR 1.76 billion from SAR 1.50 billion in 2022.

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