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Capital Market Authority approves Al-Istithmar capital boost
The Saudi Capital Market Authority has approved the increase of the Saudi Investment Bank’s capital from 12.5 billion riyals to 15 billion riyals through the issuance of free shares to its shareholders, at a rate of one free share for every five existing shares. This increase will be funded by transferring 2.5 billion riyals from the bank’s reserves and retained earnings, raising its total number of shares from 1.25 billion to 1.5 billion shares. The aim of this move is to strengthen liquidity and increase the bank’s capital base, with the necessary regulatory procedures and documentation to be completed within six months of the authority’s approval.
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