The Saudi Capital Market Authority approves the Saudi French Bank's request to double its capital.

The Saudi Financial Market Authority announced in a press release published on the Saudi Exchange platform on Monday evening its approval of the Saudi French Bank's request to increase its capital.

According to the statement, the Saudi French Bank is set to increase its capital from 12,053,571,670 Saudi Riyals to approximately more than double, reaching 25 billion Saudi Riyals.

The Authority indicated that this will be done by granting 1.07 free shares for each existing share owned by registered shareholders in the register of the issuer's shareholders at the depository center at the end of the second trading day following the entitlement date, which the Bank's Board of Directors will determine at a later time.

According to the statement, the payment for the increase in the Saudi French Bank’s capital will be made by transferring an amount of 5 billion Saudi Riyals from the statutory reserve account, as well as an amount of 7,946,428,330 Riyals from retained earnings to fund the increase.

As a result, the number of shares of the Saudi French Bank will increase from 1,205,357,167 shares to 2.5 billion shares, with an increase of 1,294,642,833 shares.

The Saudi Financial Market Authority confirmed that this approval is conditional on the extraordinary general assembly meeting being held within 6 months from the date of approval, provided that the Saudi French Bank completes the related legal procedures and requirements.

Regarding trading, the share of the Saudi French Bank "BSF" (TADAWUL: 1050) closed today's session on the Saudi stock market with an increase of 1.62%, equivalent to 50 halalas, reaching 30.90 Riyals.