BSF shareholders OK 10% dividend for H2 2023, 2.86M share buyback

Banque Saudi Fransi’s (BSF) shareholders approved the board’s recommendation to pay a cash dividend at 10% of capital, or SAR 1 a share, for H2 2023, during the extraordinary general meeting (EGM), held on May 22, according to a statement to Tadawul.

*Shares eligible for dividends are 1.19 bln

Shareholders also authorized the board to pay an interim dividend on a semi-annual or quarterly basis, for 2024.

They further endorsed the employee share plan (share-based employee remuneration plan), while authorizing the board to approve any related future amendments.

In addition, shareholders approved a share buyback of a maximum of 2.86 million shares to be allocated to the bank’s share-based employee remuneration plans. The repurchase will be financed through the bank's own resources, and the board of directors will be authorized to complete the repurchase process within a maximum period of 12 months.

from the date of the EGM decision. The repurchased shares will be retained for a period not exceeding 10 years from the EGM date until they are allocated to the eligible employees. Once the said period lapses, the bank shall follow the rules and procedures stipulated in the relevant laws and regulations.