Riyad Bank set to buy back 5 mln shares for employee stock incentive plan

Logo of Riyad Bank

Riyad Bank’s board of directors approved, on Feb. 20, the buyback of 5 million shares maximum to be allocated for the employee stock incentive plan, according to a statement to Tadawul.

The share repurchase will be financed from the bank’s internal resources, the lender said, adding that it currently has no treasury shares as a percentage of the total outstanding shares.

The decision is subject to the approval of the upcoming extraordinary general meeting (EGM). In addition, the bank should fulfill the solvency requirements and submit the chartered accountant report.

The repurchased shares will have no right to vote in the bank’s general meetings, the statement added.