Banque Saudi Fransi board nod to 2 mln share buyback

Logo of Banque Saudi Fransi

Banque Saudi Fransi’s (BSF) board agreed today, April 9, to repurchase as many as two million ordinary shares to retain them as treasury shares for the Employee Shares Incentive Program (ESIP).
 

In a Tadawul statement, the bank said the buyback will be financed by its internal resources.
 

The current percentage of BSF’s treasury shares of total target shares stands at 0.511%.
 

The board recommendation will be submitted to the upcoming extraordinary general meeting (EGM) for approval.
 

The bank must also fulfill the financial solvency conditions provided by the regulatory standards and procedures issued under the Companies Law. 
 

The repurchased shares will have no voting rights in the general assembly meetings. 
 

The total number of shares that can be repurchased in the coming period includes the aforementioned two million shares, in addition to 1.25 million shares, representing the remainder of shares under the bank’s buyback plans that were previously announced in April 2020.