Banque Saudi Fransi shareholders to vote on 4% dividend for 2020, buyback of 3 mln shares on May 5

Banque Saudi Fransi’s (BSF) shareholders are set to vote on a 4% cash dividend at SAR 0.40 a share, for 2020, during the extraordinary general assembly meeting (EGM) that will be held on May 5, 2020.

Shareholders will also vote on authorizing the board of directors to distribute interim dividends on a semi-annual or quarterly basis for 2021.

In addition, they will vote on 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.

Furthermore, shareholders will vote on authorizing 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 statement indicated that 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.