RIYADH, 26 November 2004 — Saudi Investment Bank (SAIB) plans to increase its paid-up capital by 25 percent to SR1.718 billion ($458.1 million) via a one-for-four bonus share issue to investors, it said on Wednesday.
SAIB said it also proposed distributing SR3 on each of the 27.5 million shares in circulation before the bonus issue. The proposals will be put to the bank’s general assembly, a statement on the Saudi bourse website said. The bank’s shares closed up 9.96 percent - the market’s daily limit - at SR582.50.
SAIB net profit rose to SR435.9 million in the first nine months of 2004, up 25.5 percent on the same period last year. Profits have been buoyed by high oil revenues pumping cash into Saudi Arabia - the world’s biggest oil exporter.
Riyadh-based Saudi Investment Bank is Saudi Arabia’s eight-largest bank in terms of market capitalization. It is owned by Saudi investors and several Saudi and foreign banks, including J.P. Morgan Chase & Co.
