The bank did not explain the reasoning behind the recommendation, but said it would increase its bonus share issue to 15 per cent from 10 per cent.
OPEC decided at its last meeting in November to keep production unchanged, rather than cutting it to support sliding oil prices.
The board also proposed a five per cent bonus share issue for 2014.
Average salaries in Saudi Arabia rose seven per cent to reach $12,978.3 per month in the Gulf Business 2015 Salary Survey.
Abanmai has previously served in several executive posts at SABIC and its affiliates, a bourse filing said.
Safco will raise its capital from SAR3.33 billion to SAR4.16 billion ($888 million-$1.11 billion), according to a filing on the bourse website.
A report by a state audit body alleged BD400 million of public funds had been wasted by government departments and state-linked firms.
Trading on the Cairo stock market is expected to begin on Wednesday, the company’s chief executive said.
The builder announced it November it planned a SAR500 million rights issue to help expand its business.
Saudi contractor Mohammed Al Mojil Group has not traded on the Saudi bourse since July 2012.
The firm will ask creditors to amend the terms of its $2.3 billion restructuring deal originally signed in 2012, sources said.
The National Audit Court (NAC) produced the figure in its 2013/14 report, a local daily reported.
Brent crude slid 1.2 per cent to $59.73 a barrel on Friday and posted its biggest weekly loss since January.
The lender said it had revised its proposed cash payout to four per cent from six per cent.
The loan could be worth around $2 billion and enable the EU member to refinance debt.
The Saudi telecoms operator’s stock had been suspended for a week until Thursday.
The sale of the bonds will take place no later than June 30.
Abu Dhabi-owned Falcon said that it will be open to deals in core markets such as the Gulf, Eastern Europe, Africa and South East Asia.
The lender has picked six banks to arrange investor meetings across Europe starting Monday.
Bank of Khartoum has applied for a branch licence and is hoping to finalise the process of obtaining it within weeks.
Any issue would be received well by investors as the emirate derives substantial support for being part of the UAE.
The facility will be used to repay debt and for general business purposes.
The Jeddah-based firm held SAR2.49 billion ($664 million) in assets under management at the end of 2013.
The Jfirm is strengthening its in-house asset management capabilities before the Saudi stock market opens up in the first half of 2015.
Aramex made a 2014 net profit of Dhs318.4 million, the company said.
The lender has earmarked to price its bond issue at 97.5 basis points over midswaps, a document showed.
The bank has picked Abu Dhabi Islamic Bank, Al Hilal Bank, Dubai Islamic Bank, Emirates NBD, HSBC, KFH Investment and Standard Chartered to arrange the sukuk sale.
The seasonally adjusted HSBC UAE Purchasing Managers’ Index fell to 58.1 points last month from 59.3 in January.
Abraaj will be the main investor in the healthcare group with $145 million, while three other investors will pitch in about $55 million.
The company made a net profit of KD10.19 million ($34.38 million) in the last quarter of 2014.