|12-26-2014, 12:03 AM||#1|
Saudi British Bank plans to increase capital by 50% using bonus issue
Saudi British Bank announced plans to boost the bank’s capital by 50% on Wednesday to SAR15 billion ($4 billion) using a bonus share issue.
For each two shares held, the bank will issue one bonus share, which will increase the number of outstanding shares from 1 billion to 1.5 billion.
The increase in capital is designated to help the growth of the bank’s businesses, and will be funded with SAR2.5 billion from the bank’s statutory reserve, in addition to SAR2.5 billion from retained earnings.
The eligibility date for the bonus issue is set to be decided in an extraordinary general assembly meeting in the first quarter of 2015.
The so-called Bonus Issue will not have a positive effect on share prices, but investors will receive extra shares based on the proportion they hold. And accordingly, the share price will adjust.
But considering that Saudi Arabia’s stock market is expected to soar at the start of next year, we expect buying pressure on the share, as investors will benefit from growth of the equity.
The bank’s shares rose for a second straight session on Thursday.
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