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

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.

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.

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.