BSF to vote on capital hike via bonus issue to SAR 25B on Dec. 23

02/12/2024 Argaam
Logo ofBanque Saudi Fransi (BSF)

Logo of Banque Saudi Fransi (BSF)

Banque Saudi Fransi’s (BSF) shareholders are set to vote on a 107.4% capital top-up from SAR 12.05 billion to SAR 25 billion, through distributing one bonus share for every existing share, during the extraordinary general meeting (EGM) that will be held on Dec. 23, as follows:

 

Capital Increase Details

Current Capital

SAR 12.05 bln

Number of Shares

1.2 bln

Percentage of Increase

107.41%

New Capital

SAR 25 bln

New Number of Shares

2.5 bln

Method

1-for-1 bonus share distribution

Capitalization

Capitalizing SAR 12.95 bln from retained earnings and statutory reserve

Record Date

Dec. 23, 2024, including shareholders registered with Edaa by the end of the second trading day following the EGM date

Reason

To enhance the bank's financial position and contribute to achieving its strategic objectives
 
 

In a Tadawul statement, the bank said the EGM will also vote on electing board members for the upcoming three-year term starting on Jan. 1, 2025.

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