BSF shareholders to vote on 9% cash dividends for H2 2022 on May 24

Banque Saudi Fransi (BSF) shareholders will vote on the board's recommendation to distribute cash dividend at 9% of capital (SAR 0.90 per share) for H2 2022, during the extraordinary general assembly meeting, scheduled for May 24, the company said in a statement to Tadawul.

Shareholders will also vote on authorizing the board of directors to distribute interim dividend on a quarterly or semi-annual basis for 2023.

They will also vote on buying back 3.25 million shares at maximum, which will be allocated for the employee stock program. The share repurchase will be self-financed. The board of directors will be authorized to complete the share buyback process within a period of 12 months at maximum after the extraordinary general meeting (EGM) date.

The bank will retain the treasury shares for a period of not more than 10 years from the EGM date. After such a period expires, the bank will follow the procedures and controls as stipulated by related laws and regulations.

The program comes in continuation of the current program whose terms have been previously set by the board of directors and for which the approval was obtained by the general assembly on May 1, 2019.