Banque Saudi Fransi to pay SR776m in cash dividends

Banque Saudi Fransi said yesterday its board recommended to pay as much as 776 million Saudi riyals (Dh759m), or SR1 a share, in cash dividends for 2008.

It also recommended to pay two-for-seven shares held to shareholders registered by the end of the trading session on the day of the general assembly meeting that will be announced at a later stage, the lender said in a statement on the Saudi bourse website.

The move will increase the bank's capital by 28.5 per cent to SR7.23bn.

The bank's board confirmed the capital will be raised to SR9 billion as it will add value to shareholders and will allow the lender boost its resources, according to the statement.

However, another Saudi bank – Al Rajhi Bank said – yesterday its shareholders will meet on February 23 to approve paying SR1.75 a share in cash dividends for the second half of 2008.

Shareholders registered by the end of the trading session on the day of the general assembly will be eligible to the dividend payout, the lender said in the statement.

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