Riyad Bank repurchases 7.5M shares at SAR 27.55 each

Riyad Bank plans to allocate repurchased shares to Employee Stock Incentive Program

Riyad Bank completed its share buyback for the Employee Stock Incentive Program (ESIP) within the period specified during the extraordinary general meeting (EGM) held in April, according to a statement to Tadawul.

The bank repurchased 7.5 million shares for SAR 206.63 million, at an average price of SAR 27.55 per share.

In April, shareholders approved the buyback of 7.5 million shares to hold as treasury shares, and allocate them to ESIP in line with regulatory requirements, Argaam earlier reported.

The buyback was to be financed from the bank’s own resources, and the board was authorized to complete the process within a maximum period of 18 months from the EGM date. The repurchased shares may be held for no more than seven years from the EGM dates.