Riyadh – Mubasher: The Capital Market Authority (CMA) issued a resolution, on 27 October 2024, approving Savola Group's request to reduce its capital by approximately 73.54% from SAR 11.33 billion to SAR 3 billion.
The group will carry out the capital reduction process by cancelling 833.98 million ordinary shares, according to an official announcement.
The number of Savola Group’s shares, therefore, will shrink from 1.13 billion to 300 million.
Banque Saudi Fransi Capital Change
Furthermore, the CMA greenlighted, on 28 October, the capital increase request for Banque Saudi Fransi through the issuance of bonus shares.
The Saudi lender aims to raise its capital from SAR 12.05 billion to SAR 25 billion by issuing 1.07 bonus share for every one existing share.
The increase will be paid by transferring SAR 5 billion from the statutory reserve account and SAR 7.94 billion from the retained earnings account to the bank's capital.
Therefore, Banque Saudi Fransi’s total number of outstanding shares will increase by 1.29 billion from 1.20 billion to 2.50 billion shares.
In terms of the financial performance during the first nine months (9M) of 2024, Savola Group generated net profits worth SAR 665.12 million and revenues of SAR 19.21 billion. Meanwhile, Banque Saudi Fransi achieved SAR 3.42 billion worth of net profits during the January-September 2024 period.
