Banque Saudi Fransi shareholders approve 4% dividend for 2020, buyback of 3 mln shares

Banque Saudi Fransi’s shareholders approved the board of directors’ recommendation on a 4% cash dividend for 2020, at SAR 0.40 per share, during the extraordinary general assembly (EGM) held on May 5, 2021.

*Number of shares payable for dividends stands at 1.2 billion

Shareholders also approved delegating the board to distribute interim dividends on a semiannual or quarterly basis for 2021.

They also ratified the buyback of a number of its shares, with a maximum of 3 million shares, and an amount not exceeding SAR 60 million to allocate to the Employees' Long‐Term Incentive Plan, provided that the purchase of shares is financed through the bank’s own resources.

Further, shareholders authorized the board, or whoever it delegates, to complete the purchase within 12 months from the date of the EGM decision.

The purchased shares are to be kept no longer than 10 years from the date of EGM approval. Once the period lapses, the bank will follow the rules and procedures stipulated in the relevant laws and regulations, considering that this plan is a continuation of the current one, of which terms have previously been defined by the board and approved by the general assembly held on May 1, 2019.