Riyadh – Mubasher: The extraordinary general meeting (EGM) of Banque Saudi Fransi approved the board’s recommendation to increase the capital by SAR 12.94 billion.
The lender will raise its capital by 107.40% to SAR 25 billion from SAR 12.05 billion, according to a bourse disclosure.
The transaction will be implemented by granting 1.07 shares for every existing share.
Banque Saudi Fransi will allocate SAR 5 billion from the statutory reserve account and SAR 7.94 billion from the retained earnings account.
Following the capital hike, the total number of outstanding shares will stand at 2.50 billion shares, compared to 1.20 billion.
The Capital Market Authority (CMA) greenlighted the bank’s capital increase last October, while the shareholders passed the transaction on 23 December.
