BSFR intends to buy 2 mln of its shares, allocate them to employee incentive program

Banque Saudi Fransi announced on Monday the Board of Directors’ approval to purchase 2 million of the company’s shares to allocate them within the Employee Long-Term Incentive Plan.

The bank stated that the Current Percentage of the Treasury Shares at the Company out of the Total Class of Shares Purchased is 0.511%, and the purchase will be financed from the bank’s own resources.

The resolution will be voted on in the next Extraordinary General Assembly, which will be announced later in accordance with the requirements of the fourth paragraph of Article seventeen of the Implementing Regulations of the Companies Law for Listed Joint Stock Companies, and after satisfying solvency requirements by the Bank as stipulated in the third paragraph of Article seventeen of the Implementing Regulations of the Companies Law for Listed Joint Stock Companies.

The Bank would like to clarify that the total number of shares that the Bank may purchase in the coming period includes the two million (2,000,000) shares mentioned in this announcement in addition to (1,247,485) shares that represents the remaining shares from the Bank’s previously announced intention to purchase.