Banque Saudi Fransi (BSF) announced that its extraordinary general assembly, scheduled for Monday, December 23, will discuss a proposal to increase the bank’s capital to SAR 25 billion through a 107.4% stock dividend.
The capital increase, aimed at strengthening the bank’s financial position and supporting its strategic goals, involves raising the number of shares from 1.2 billion to 2.5 billion by capitalizing SAR 5 billion from the statutory reserve and SAR 7.9 billion from retained earnings.
The bank stated that any fractional shares resulting from the increase would be pooled, sold at market price, and proceeds distributed to shareholders within 30 days of the new shares’ effective date.
Eligibility and Voting Details
Shareholders owning shares by the close of trading on the assembly date and registered with the Securities Depository Center Company (Edaa) by the second trading day after the meeting will be eligible for the stock dividend.
The assembly will also vote on the election of board members for the next three-year term, beginning January 1, 2025, and ending December 31, 2027.
The meeting will be valid with the presence of shareholders representing at least 50% of the capital. In case of insufficient quorum, a second meeting will be held one hour later and will require shareholders representing at least 25% of the capital.
Remote voting through Tadawulaty services begins on Thursday, December 19, at 1:00 a.m. and continues until the meeting ends. Registration and voting are free for all shareholders.
Shareholders unable to attend may authorize representatives via a legal proxy certified by a notary public, a licensed bank, or the Chamber of Commerce, provided the proxy is not a BSF board member or employee.
