SAIB rights trading, subscription to start on Aug. 16

Saudi Investment Bank headquarters

Saudi Investment Bank (SAIB) set the rights issue trading period and the treasury shares purchase period.

The rights issue and new shares subscription period will begin on Aug. 16, SAIB said in a statement to Tadawul.

The rights trading will end on Aug. 23, while the subscription to the new shares will close on Aug. 26.

Holders of rights issue are allowed to exercise their right to buy treasury shares up to the number of rights available in their portfolios. The rights trading and purchase of the treasury shares for registered shareholders and new investors shall be according to the sale of treasury shares circular.

If any treasury shares remain unsold after the end of the rump offering period, SAIB will hold these shares as treasury shares and dispose of them as deemed appropriate by the board of directors, subject to the relevant regulatory requirements and the required approvals.

Proceeds from the treasury shares sale will be used to support the bank’s capital base, increase its liquidity ratios and finance its expansion activities and future operations.