Banque Saudi Fransi shareholders approve 10% dividend for H2 2019

Banque Saudi Fransi’s shareholders approved the board of directors’ recommendation on paying a 10% cash dividend at SAR 1 a share, for the second half of 2019, during the extraordinary general assembly meeting (EGM) held on May 13, 2020.

Shareholders also approved a 10% cash dividend at SAR 1 a share, for the first half of 2019 as well as authorized the board of directors to distribute interim dividends on a semi-annual or quarterly basis for 2020.

In addition, they approved the buyback of 3 million shares at a maximum value of SAR 60 million to allocate them to the Employee Long-Term Incentive Plan. The repurchase will be financed through the bank’s own resources.

Further, the shareholders authorized the board of directors to complete this process within a period of 12 months from the date of the EGM approval.

The repurchased shares will be retained no longer than 10 years from the date of the EGM approval. Later on, the bank will follow the rules and procedures stipulated in the relevant laws and regulations.

The plan is part of the current program whose terms were previously defined by the board of directors and approved by the general assembly held on May 1, 2019.