Al-Istithmar Investors Approve Capital Increase

Shareholders of the Saudi Investment Bank approved a 20% capital increase, raising the capital from 12.5 billion riyals to 15 billion riyals, through the issuance of 250 million free shares—one share for every five shares owned. The approval was granted during the extraordinary general assembly meeting with an overwhelming 99.26% of the votes and attendance representing 70.75% of the total shares. The capital increase will be valued at 2.5 billion riyals, funded by capitalization of 1.5 billion riyals from statutory reserves and one billion riyals from retained earnings, bringing the total number of shares to 1.5 billion. The new shares will be allocated to eligible shareholders at the end of the meeting day. Additionally, the assembly approved amendments to certain articles of the company's bylaws concerning capital, subscription, issuance of debt instruments and sukuk, and another change related to the termination of board membership, all with approval rates exceeding 99.23%.

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