Arab News, Thursday, Dec 23, 2021 | Jumada Al-Uola 17, 1443
SAIB's board recommends highest dividend since 2016; 33% capital hike
Saudi Arabia: The
board of Saudi Investment Bank, known as SAIB, has recommended its highest cash
dividend since 2016, at SR0.7 per share, accounting to SR525 million ($140
million), as well as a capital increase of 33 percent.
The decision came as a step towards improving the
bank’s capital base to support growth in the fiscal year 2022, SAIB said in a
filing.
SAIB’s dividend payout recommendation brings it up
75 percent from the prior year’s dividends which stood at SR0.4.
The bank’s board recommendation for the capital
hike will be via issuing bonus shares, granting one share for every three
shares.
This will raise SAIB’s capital from SR7.5 billion
to SR10 billion.
The bank was Saudi bourse's biggest gainer in
morning trading, reaching its highest value compared to all closing prices in
last two years, standing at SR18.76.