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Saudi Investment Bank hikes capital to $1.5 billion

"This will involve the transfer of 1 billion riyals from the leftover profits as of 31, December, 2010," the firm said

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March 27, 2011 4:50 by



Saudi Investment Bank said on Sunday it plans to increase its capital by 22 percent to 5.5 billion riyals ($1.5 billion) by issuing 1 free share for each 4.5 shares.

“This will involve the transfer of 1 billion riyals from the leftover profits as of 31, December, 2010,” the firm said in a bourse statement on Sunday.

In separate statements on Sunday, the Capital Market Authority (CMA) said it had added the bank’s new shares, adding one share for each 4.5 shares, and that it will adjust the bank’s share price to 20.15 riyals.
(Reporting by Asma Alsharif; Editing by Shaheen Pasha)



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