SAB Recommends Buyback of 4.7 Million Shares for Employee Stock Incentive Plan

The Saudi Awwal Bank announced on Tuesday, the board of directors’ recommendation to buy back a number of the Bank’s shares with a maximum of (4,700,000) shares to allocate them within the Employee Stock Incentive Plan.

According to the bank, the method of financing the purchase will be from its own resources, while the percentage of treasury shares currently held by the company out of the total class of shares subject to purchase is 0.17%.

The Bank indicated that in accordance with Point 4 of Article 17 in the Implementing Regulation of the Companies Law for Listed Joint Stock Companies, the approval of the Extraordinary General Assembly is necessary for the shares buy-back transaction. The date of the Extraordinary General Assembly’s meeting will be announced in due course.

added that pursuant to Point 3 of Article 17 in the Implementing Regulation of the Companies Law for Listed Joint Stock Companies, the Bank will satisfy all solvency requirements as per a report provided by the external auditor.

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