Logo of Banque Saudi Fransi (BSF)
The Capital Market Authority (CMA) approved Banque Saudi Fransi’s (BSF) application to increase its capital from SAR 12.05 billion to SAR 25 billion, the market regulator said in a statement today, Oct. 28.
The capital hike will be through the issuance of 1.07 bonus shares for every one share held by shareholders registered with the Securities Depository Center (Edaa) by the close of the second trading day after the record date, to be determined later by BSF's board.
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The capital top-up, according to CMA, will be funded by transferring SAR 5 billion from statutory reserve and SAR 7.95 billion from retained earnings to the company's capital.
The market regulator stated that the company's extraordinary general meeting (EGM) should be held within six months of this approval date, provided that the company satisfies all regulatory requirements and applicable laws.
The bank's board, in a meeting held in May, recommended increasing capital by 107.41% through a bonus issue. It had already obtained the no-objection from the Saudi Central Bank (SAMA) on the move.
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Capital Increase Details |
|
|
Current Capital |
SAR 12.05 bln |
|
Number of Shares |
1.2 bln |
|
Percentage Increase |
107.41% |
|
New Capital |
SAR 25 bln |
|
New Number of Shares |
2.5 bln |
|
Method |
1-for-1 bonus issue |
|
Capitalization |
Capitalizing SAR 12.95 bln from retained earnings and statutory reserve |
|
Record Date |
Shareholders of record and those registered with Edaa on the second trading day following the EGM, the date for which will be determined later |
|
Reason |
To enhance the bank's financial position to help achieve its strategic objectives |
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