BSF board recommends 15M share buyback to retain as treasury

Logo of Banque Saudi Fransi BSF) 

Banque Saudi Fransi’s (BSF) board of directors recommended today, March 27, the repurchase of 15 million of its ordinary shares to be retained as treasury shares and be allocated within the employee stock incentive program.

In a statement to Tadawul, the bank said the share buyback will be funded through its own resources.

The bank disclosed that its current treasury shares accounted for 0.78% of the total shares targeted for buyback. It also clarified that the repurchased shares will not have voting rights at shareholders’ meetings.

BSF received today the Saudi Central Bank’s (SAMA) no-objection on the planned buyback.

The move is still subject to the approval of the next extraordinary general meeting (EGM).

The stock closed today’s session 0.5% higher at SAR 18.60.