SABB bank, HSBC’s Saudi subsidiary, confirmed on Monday plans for a 1-for-4 bonus share issue.The issue will raise its capital to 7.5 billion riyals ($2 billion), SABB said in a statement posted on the Saudi bourse website.
The capital hike will be funded through the incorporation of retained profits, it said.
The bank had paid a cash dividend of 0.96 riyal per share in July 2008, the statement added. (Reuters)
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