Logo of Saudi Awwal Bank (SAB)
The Saudi Awwal Bank's (SAB) board of directors recommended repurchasing up to 4.7 million shares and allocating them for the employee stock incentive plan (ESIP), according to a filing to Tadawul.
The repurchase will be financed from the bank's own resources, the statement said, adding that the treasury shares represent 0.17% of the target shares.
The extraordinary general meeting (EGM) approval is necessary for the buyback, as per Article 17 of the Implementing Regulations of the Companies Law for Listed Joint Stock Companies.
The EGM date will be announced later, SAB noted.
The bank will satisfy all solvency requirements as per a report provided by the external auditor, in accordance with the relevant regulations.
The repurchased shares will not have voting rights in the general meetings.
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