Bank Albilad shareholders approve SAR 10M share buyback for ESIP

One of Bank Albilad branches

Shareholders of Bank Albilad, on Oct. 7, during the extraordinary general meeting (EGM), approved the board’s recommendation to repurchase up to 10 million shares to allocate them to the Employee Stock Incentive Program (ESIP).

According to a statement to Tadawul, the bank said that the repurchase process will be self-financed. Besides, shareholders authorized the board of directors to complete the repurchase process no later than 18 months from the date of the EGM.

Bank Albilad will retain the repurchased shares for a period not exceeding 10 years from the EGM date, until they are allocated to eligible employees.

Upon the expiry of this period, the bank will follow the procedures and regulations stipulated in the relevant laws and regulations.

According to Argaam’s data, Bank Albilad’s board recommended the repurchase of up to 10 million of the bank’s ordinary shares to be held as treasury shares and earmarked for the ESIP.

The 10 million shares represent nearly 0.67% of the bank’s total 1.5 billion outstanding shares.