Middle East Economic Survey

VOL. LII

No 6

9-Feb-2009

SAUDI ARABIA

SABB Plans 25% Capital Increase

The Saudi British Bank (SABB) board of directors has decided to recommend to the extraordinary general meeting, scheduled to be held in 1H09, an increase in the banks capital from the current SR6bn ($1.6bn) to $7.5bn ($2bn), by issuing 150mn new shares. This would raise the total number of shares to 750mn. The new issue will be distributed on the basis of one bonus share for every four shares held. The...