Saudi Investment Gains 20 Percent Capital Increase

The Saudi Capital Market Authority has approved a 20% increase in the capital of the Saudi Investment Bank, raising it from 12.5 billion riyals to 15 billion riyals. The increase will be implemented through a free share distribution of one share for every five existing shares held by shareholders. The record date will be determined later by the board of directors. The capital increase is funded by converting 1.5 billion riyals from statutory reserves and one billion riyals from retained earnings, resulting in an increase in the total number of shares from 1.25 billion to 15 billion shares.