Bank Albilad shareholders to vote on SAR 10M share buyback on Oct. 7

Bank Albilad headquarters

Shareholders of Bank Albilad will vote on the board's proposal to repurchase up to 10 million shares and allocate them to the employee stock program (ESIP), during the extraordinary general meeting (EGM) scheduled for Oct. 7.

In a statement to Tadawul, the Saudi-listed bank indicated that it has authorized the board of directors to complete the purchase within a maximum of 18 months from the date of the EGM resolution.

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The purchase will be financed through internal resources. 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, on June 23, the repurchase of up to 10 million of the bank’s ordinary shares to be held as treasury shares and earmarked for the ESIP.

Bank Albilad said the share repurchase will be funded through its own resources, noting that treasury shares currently account for 0.61% of the total shares subject to the buyback.

The shares set to be repurchased represent approximately 0.67% of the bank’s total outstanding shares, which stand at 1.5 billion.