SABB BOD recommends purchasing shares from bank, with maximum of one million shares

The Saudi British Bank (SABB) announced on Sunday the board of director’s approval to purchase a number of the Bank share with a maximum of (1,000,000) shares to allocate them within the Employee Stock Long-Term Incentive Plan.

The voting for this resolution would take place during the upcoming extra-ordinary general assembly which will be announced later as per the requirements of Regulatory Rules and Procedures issued pursuant to the Companies Law relating to Listed Joint Stock Companies (Paragraph Four of Article Twelve).

The Bank shall fulfil all the Solvency requirements mentioned in the Regulatory Rules and Procedures issued pursuant to the Companies Law relating to Listed Joint Stock Companies (Paragraph Three of Article Twelve) a report from the external auditor will be submitted as per the requirements of this paragraph.

The purchased shares will not have voting rights in the General Assembly’s Meeting.