BSF shareholders OK capital hike to SAR 25B via bonus issue

24/12/2024 Argaam
Logo ofBanque Saudi Fransi (BSF)

Logo of Banque Saudi Fransi (BSF) 

Banque Saudi Fransi’s (BSF) shareholders approved a 107.4% capital increase from SAR 12.05 billion to SAR 25 billion during the extraordinary general meeting (EGM), held on Dec. 23, according to a statement to Tadawul.
 

Capital Increase Details

Current Capital

SAR 12.05 bln

Number of Shares

1.205 bln

Percentage of Increase

107.41%

New Capital

SAR 25 bln

Number of Shares

2.5 bln

Method

Issuing 1.07 bonus share for every existing share

Reserves

Capitalizing SAR 12.95 billion from statutory reserves and retained earnings

Record Date

Dec. 23, 2024, to shareholders of record and those registered with Edaa on the second trading day post the general meeting

Reason

Boost financial position and achieve strategic objectives
 

Fractional shares, if any, will be compiled in one portfolio and offered at market price. Proceeds will be distributed to shareholders pro rata within 30 days.

 

Shareholders further approved electing board members for the next three-year board term, starting Jan. 1, 2025.

 

For more news on listed companies

 

These members included among others Mazin Abdulrazzak Al Romaih, Talal Ibrahim Al Maiman, Abdulrahman Rashed Al Rashed, Bader Abdullah Al Issa, Abdullatif Ahmad Al Othman, Khalid Omran Al Omran, Rayan Mohammed Fayez, Khalid Malik Al Sharif, Abdulaziz Mohammed Algudaimi, and Abdulmajid Ahmed Al Hagbani.

 

Meanwhile, Tadawul announced that the fluctuation limits on BSF were calculated based on a share price of SAR 16.04 for today, Dec. 24, and all outstanding orders will be canceled.

 

Additionally, the Securities Depository Center Co. (Edaa) will deposit the bonus shares in shareholders' portfolios before the start of trading on Dec. 26.

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