| Element List |
Explanation |
| Introduction |
Banque Saudi Fransi (BSF) announces the Board of Directors’ recommendation to the Extraordinary General Assembly to increase the Bank’s capital by granting bonus shares to the Bank’s shareholders by way of granting approximately 1 share for every 1 share owned. |
| Date of Board Meeting |
2024-05-30 Corresponding to 1445-11-22 |
| Capital before increase |
SAR 12,053,571,670 |
| Capital after increase |
SAR 25,000,000,000 |
| Percentage of Capital increase |
107.41 % |
| Number of shares before Capital increase |
1205357167 |
| Number of shares after Capital increase |
2500000000 |
| Reasons for the increase |
The recommendation is aimed to strengthen the Bank's financial position which contributes to achieving its strategic objectives. |
| Number of Shares Granted per Exiting Share |
Approximately 1 share for every 1 share owned. |
| Nature and Value of Reserves Used in the Capitalization |
The increase will be through capitalization of SAR 12,946,428,330 from Retained Earnings & Statutory Reserve . |
| Eligibility Date |
The eligibility of the bonus shares shall be for shareholders owning shares by the end of trading day of the Bank’s Extraordinary General Assembly meeting date and are registered at Securities Depository Center Company (Edaa) by the end of the second trading day following the Extraordinary General Assembly meeting date (which will be announced later). |
| Fractional Shares |
In case of bonus shares fractions occurrence; all fractions will be collected in a single portfolio to be sold at market price, the value will be distributed to eligible shareholders each by their share during a period not exceeding 30 days from the date of the allocation of new shares to each shareholder. |
| Approvals |
The proposed grant is subject to obtaining necessary approvals from official authorities and extraordinary general assembly on the capital increase and number of granted shares. It should be noted that the Bank has obtained no-objection from the Saudi Central Bank on the capital increase. |
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