Dec. 24 (Bloomberg) -- Saudi British Bank surged the most in three weeks after the board of the lender, which is 40 percent owned by HSBC Holdings Plc, proposed raising the bank’s capital through bonus shares.
The stock surged as much as 4.4 percent, the largest intraday gain since Dec. 3, to 40.50 riyals, and traded at 39.90 riyals at 11:29 a.m. in Riyadh.
The board of the Riyadh-based lender proposed to increase the bank’s capital by 33 percent to 10 billion riyals ($2.7 billion) by awarding one bonus share for every three held. It also said it will pay a dividend of 0.65 riyals a share for 2011.
To contact the reporter on this story: Mourad Haroutunian in Riyadh at email@example.com
To contact the editor responsible for this story: Shaji Mathew at firstname.lastname@example.org