SAB completes 5.7M share buyback at SAR 196.4M

SAB will retain the buyback shares as treasury stock. 

Saudi Awwal Bank (SAB) completed the buyback of 5.74 million shares to allocate them to the employee stock incentive program (ESIP), based on a board recommendation issued on April 21, according to a statement to Tadawul.

In April, SAB shareholders approved the board proposal to repurchase up to 5.74 million shares to be allocated to ESIP, according to data available on Argaam.

The repurchased shares would be held as treasury stock and funded from internal resources. 

The board of directors was authorized to complete the buyback within a maximum period of 12 months from the EGM date.

SAB will retain the repurchased shares for up to 10 years from the EGM approval date until they are allocated to eligible employees. After this period, the bank will follow the procedures and regulations stipulated under the relevant laws and guidelines.