ANB completes buyback of 10M shares for SAR 218M

Logo of Arab National Bank (ANB)

Arab National Bank (ANB) completed today, Aug. 31, the repurchase of 10 million of its own shares to be allocated for the employees stock incentive program (ESIP), based on the approval of the bank’s extraordinary general meeting (EGM).

For more news on listed companies

According to a Tadawul statement, the bank paid SAR 218.04 for the repurchase deal, at an average repurchase price of SAR 21.8 per share.

ANB’s shareholders, during the EGM held last April, approved the repurchase of up to 10 million shares for the ESIP, data available on Argaam showed.

The share buyback will be financed from the bank’s internal resources.

The repurchased shares represent 0.5% of the bank’s total 2 billion shares.