Saudi Investment Bank : announces the Board's recommendation for the capital increase by way of issuing bonus shares
December 23, 2021 at 03:07 am EST
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The Saudi Investment Bank announces the Board's recommendation for the capital increase by way of issuing bonus shares
The Saudi Investment Bank announces the Board's recommendation for the capital increase by way of issuing bonus shares
22/12/2021
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EXPLANATION
Introduction
The Saudi Investment Bank announces the board's recommendation to the Extraordinary General Assembly for the capital increase by way of issuing bonus shares to the bank's shareholders by capitalizing part of the Statutory Reserve by way of granting one share for every three shares.
Date of Board Meeting
2021-12-16 Corresponding to 1443-05-12
apital before increase
7,500,000,000 SAR
Capital after increase
10,000,000,000 SAR
Percentage of Capital increase
33.33 %
Number of shares before Capital increase
750000000
Number of shares after Capital increase
1000000000
Reasons for the increase
To support the Bank capital base which will increase the growth percentages and meet the future increases in the Bank activities
Number of Shares Granted per Exiting Share
one share for every three shares
Nature and Value of Reserves Used in the Capitalization
2,500,000,000 SAR will be capitalized from the Statutory Reserve
Eligibility Date
The shareholders registered in the Bank's shareholders' register with the Securities Depository Center Company (Edaa) by the end of the second trading day following the date of the Extraordinary General Assembly meeting, which will be scheduled later, will be eligible for the bonus shares. The cash dividend previously announced shall not accrue to the bonus shares.
Fractional Shares
In case of fractions, the fractions will be grouped into a single portfolio for all shareholders and sold at the market price and then distributed to the shareholders entitled to the grant each according to their share within 30 days of the date of the determination of the shares due to each shareholder.
Approvals
The proposed grant is subject to obtaining necessary approvals from official authorities and extraordinary general assembly on the capital increase and number of granted shares.
The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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The Saudi Investment Bank SJSC published this content on 22 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 December 2021 08:06:01 UTC.
The Saudi Investment Bank SJSC is a Saudi Arabia-based company, which provides commercial and retail banking services. The Company operates in following segments: Retail banking, which includes loans, deposits, and other credit products for high-net worth individuals and consumers; Corporate banking which includes loans, deposits and other credit products for corporate, small to medium-sized businesses, and institutional customers; Treasury and Investments is engaged in money market, investments and treasury services, and investments in associates and related activities; Asset management and brokerage is engaged in dealing, managing, advising and custody of securities services; and Other segment , which provides support functions, special credit, and other management and control units. The Company also offers shariah compliant banking products and services.