Saudi Investment gets CMA approval for SAR 500 mln capital raise

Saudi Arabia’s Capital Market Authority (CMA) said that it approved Saudi Investment Bank’s request to raise its capital from SAR 6 billion to SAR 6.5 billion.

The capital raise will take place through the issuance of one bonus share to every 12 shares owned by registered shareholders as SAR 500 million of retained earnings will be capitalized.

The number of shares is to increase from 600 million to 650 million.

According to a statement on Tadawul, eligibility will be for registered shareholders at the bank’s extraordinary general assembly meeting, which should be held within six months from the approval date.

The CMA added that its board approval of the offer should never be considered as a recommendation to invest in the bank.