Calculating the fluctuation rate for Banque Saudi Fransi shares based on the price of 16.04 riyals

Yesterday, the Extraordinary General Assembly of Banque Saudi Fransi approved an increase in the bank’s capital by granting bonus shares.
Accordingly, the fluctuation rate for the bank’s shares was calculated based on the price of 16.04 riyals for today, Tuesday 06/23/1446 AH, corresponding to 12/24/2024 AD, and the existing orders were cancelled.
The Securities Depository Center Company (Edaa) will add the bonus shares to shareholders’ portfolios before the start of trading on Thursday 06/25/1446 AH corresponding to 12/26/2024 AD.
The Board of Directors of Banque Saudi Fransi (BSF) announced the results of the extraordinary general assembly meeting, which included approval to increase the bank’s capital (first meeting).

Electing 10 members to the Board of Directors

The results included: Approval of the election of members of the Board of Directors from among the candidates for the next session, which begins on 1/1/2025 AD, and has a duration of 3 years and ends on 12/31/2027 AD.
The elected members are: Mazen Al-Rumaih, Talal Al-Maiman, Abdul-Rahman Al-Rashed, Badr Al-Issa, Abdul-Latif Al-Othman, Khaled Al-Omran, Rayan Fayez, Khaled Al-Sharif, Abdul-Aziz Al-Qadimi, and Abdul Majeed Al-Haqbani.
The results included: approval to amend the Audit Committee bylaws, and approval to amend the rewards and compensation policy for the Board of Directors and its affiliated committees.

Increase capital

The results included: Approval of the Board of Directors’ recommendation to increase the bank’s capital by granting bonus shares according to the following:
The total amount of the increase is 12,946,428,330 riyals.
The capital before the increase is 12,053,571,670 riyals, and the capital after the increase will become 25,000,000,000 riyals, a rate of 107.40740325%.
The number of shares before the increase is 1,205,357,167 shares, and the number of shares after the increase will be 2,500,000,000 shares.
This recommendation aims to strengthen the bank’s financial position in a way that contributes to achieving its strategic objectives.
The increase will be achieved by capitalizing an amount of 5,000,000,000 riyals from the statutory reserve and an amount of 7,946,428,330 riyals from retained earnings.
The total statutory reserve and retained earnings that will be used to increase the capital: 312,946,428,330 riyals, by granting 1.0740740325 free shares for every existing share.
In the event that there are fractional shares, the fractions will be collected in one portfolio for all shareholders and sold at the market price, then their value will be distributed among the shareholders entitled to the grant, each according to their share, within a period not exceeding 30 days from the date of determining the new shares due to each shareholder.
The eligibility for the bonus shares will be for the shareholders who own the shares at the end of trading on the day of the extraordinary general assembly and who are registered in the bank’s shareholder registry with the Securities Depository Center Company at the end of the second trading day following the date of the extraordinary general assembly.
The results included: amending Article 8 of the bank’s bylaws, which relates to capital, and amending Article 9 of the bank’s bylaws, which relates to subscription to shares.
The results included: approving the amendment of the bank’s bylaws in accordance with the new companies’ bylaws, and rearranging and numbering the articles of the bylaws to be compatible with the proposed amendments.