Riyadh – Mubasher: The Saudi Investment Bank’s extraordinary general meeting (EGM) approved on Monday cash dividends at 7.5% of the stock’s par value or SAR 0.75 ($0.20) per share) for the fiscal year 2015, totalling SAR 487.5 million ($129.99 million).
The EGM also agreed to increase the bank’s capital from SAR 6.5 billion ($1.73 billion) to SAR 7 billion ($1.87 billion) through distributing 1-for-13 bonus shares.
The capital hike will be financed through transferring SAR 500 million ($133.33 million) from retained earnings.
Shareholders of record until the close of trading on the general meeting date will be eligible for the cash dividends and bonus share distribution on 7 April.
The bank said that the capital hike aims at supporting its capital base, which helps in boosting the growth rates and in the coming years.
Earlier in March 2015, the EGM approved cash dividends at 8% of the share’s par value or SAR 0.80 ($0.21) and 1-for-12 bonus shares for the fiscal year 2014.
The bank’s stock rose yesterday by 2.42% to SAR 16.08 ($4.29).
