SNB repurchases 16M shares for SAR 582.3M

SNB bought back shares to allocate to employee stock ownership plan

Saudi National Bank (SNB) completed on Nov. 24 the repurchase of 16 million shares, to allocate under the employee stock ownership plan, according to a statement to Tadawul.

The average repurchase price stood at SAR 36.40 per share, and the total transaction at SAR 582.3 million.

The bank implemented the repurchase within 12 months from receiving shareholders’ approval during the extraordinary general meeting (EGM).

According to data available on Argaam, SNB shareholders approved in April the repurchase of up to 16 million shares, to be allocated to the employee stock ownership plan.