Bank Albilad plans to buy back 10M shares for ESIP

Bank Albilad headquarters

Bank Albilad’s board of directors recommended, on June 23, the repurchase of up to 10 million of the bank’s ordinary shares to be held as treasury shares and allocated to the employee stock incentive program (ESIP).

In a statement to Tadawul today, July 28, Bank Albilad said the share repurchase will be funded through its own resources, noting that treasury shares currently account for 0.61% of the total shares subject to the buyback.

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The bank added that the repurchased shares will not carry voting rights at general shareholder meetings.

The proposed buyback is subject to approval by the upcoming extraordinary general meeting (EGM), the date of which will be announced later, in compliance with the implementing regulations of the Companies Law for listed joint stock companies.

The bank is required to meet all required solvency conditions. A report from the bank’s external auditor will also be submitted in accordance with these regulations.

According to data available with Argaam, the 10 million shares allocated for the ESIP represent approximately 0.67% of the bank’s total outstanding shares, which stand at 1.5 billion.