Bank Albilad intends to purchase 5 mln of its own shares

Bank Albilad announced its intention to purchase 5 million of its shares and use them as treasury shares, in order to allocate them to the bank’s employees within the employee shares program, indicating that the percentage of treasury shares in the company is currently 0.36% of the total class of shares under purchase.

This decision will be voted on by the next Extraordinary General Assembly, whose date will be determined later, according to the requirements of the fourth paragraph of Article Twelve of the regulatory controls and procedures issued in implementation of the Companies Law for listed joint stock companies. The bank will also be required to fulfill all the conditions the financial solvency mentioned in the third paragraph of Article Twelve of the regulatory controls and procedures issued in implementation of the Companies Law for listed joint-stock companies.

Purchased shares will not have any voting rights in any general assembly meetings.