SAIB board recommends 5 mln treasury share buyback

29/10/2023 Argaam

SAIB board recommends 5 mln treasury share buyback

Saudi Investment Bank headquarters

The Saudi Investment Bank’s (SAIB) board of directors recommended, on Oct. 26, buying back a maximum of 5 million ordinary shares to retain as treasury shares, which will be allocated to its employees’ stock incentive plan. 

 

The share repurchase will be completed through the bank’s own resources, SAIB said in a statement to Tadawul.  

 

The lender does not hold any treasury shares currently. In addition, the buyback shares will not have any voting rights. 

 

The board’s recommendation will be presented for approval at the upcoming extraordinary general assembly (EGM), which will be announced later in line with Article 17 (4) of the implementing regulations of the Companies Law for Listed Joint Stock Companies.  

 

Additionally, the bank will fulfill the solvency requirements of Article 17 (3) of the implementing regulations of the Companies Law for Listed Joint Stock Companies. 

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Most Read