Jan 02 2012 |
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Banque Saudi Fransi announces the recommendation of the Banks Board of Directors to increase the Banks capital through the offer of bonus shares
Banque Saudi Fransi announces that the Banks Board of Directors decided on 8 Safar 1433 (2.1.2012) ,to recommend to the Extra Ordinary Shareholders Assembly to increase the Banks capital by 25% from SR. 7,232,143,000 to SR. 9,040,178,750, subject to securing the competent authorities approvals. The capital increase will be accomplished through the grant of one bonus share vs. 4 existing shares to the benefit of the shareholders registered in the Bank shareholders register at the closing of negotiations on the date of the Extra Ordinary Shareholders Assembly meeting to be held during the first quarter, 2012. The exact date of the meeting will be announced in due course.
The capital increase will be attained through the transfer of SR. 1,808,035,750 (representing 25% of the capital) from the general reserve. Accordingly, the Banks capital will become SR. 9,040,178,750 compared with SR.7,232,143,000. In addition, the total number of shares will increase from 723,214,300 to 904,017,875.
The capital increase will have added value and good benefits to the Banks shareholders and it will be used to reinforce the Banks resources which would support the overall development in Saudi Arabia.
© Tadawul 2012
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