BSF board plans capital hike to SAR 25B via 1:1 bonus issue

Logo of Banque Saudi Fransi (BSF)

Banque Saudi Fransi’s (BSF) board of directors recommended today, May 30, a 107.4% capital top-up from SAR 12.05 billion to SAR 25 billion, through distributing one bonus share for every existing share, as follows:

 

Capital Increase Details

Current Capital

SAR 12.05 bln

Number of Shares

1.2 bln

Percentage of Increase

107.41%

New Capital

SAR 25 bln

New Number of Shares

2.5 bln

Method

1-for-1 bonus share distribution

Capitalization

Capitalizing SAR 12.95 bln from retained earnings and statutory reserve

Record Date

Shareholders of record and those registered with Edaa on the second trading day following the extraordinary general meeting (EGM), the date for which will be determined later

Reason

To enhance the bank's financial position and contribute to achieving its strategic objectives
 

Fractional shares, if any, will be compiled in one portfolio for all shareholders and will be offered at the market price. Proceeds will be distributed among entitled shareholders pro rata within 30 days maximum.

 

The decision, which was granted the Saudi Central Bank’s (SAMA) no-objection, is conditional to approvals from competent authorities and EGM.

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