“Banca Albilad” intends to purchase 5 million treasury shares

Bank Albilad has announced plans to purchase some of its shares to be used as treasury shares.

The bank said in a statement on “Saudi Tadawul” today, Sunday, that the number of shares to buy is 5 million shares, financed from the bank’s own sources.

He adds that the purpose of the purchase is to hold them as treasury shares to allocate to the bank’s employees as part of the employee stock ownership program.

He specifies that tale the decision will be voted on by the next extraordinary shareholders’ meeting, the date of which will be established subsequently, in accordance with the provisions of the fourth paragraph of theart. joint stock company.

“The bank will be required to meet all the conditions of financial solvency referred to in the third paragraph of Article XII of the controls and regulatory procedures issued in implementation of the corporate system for listed companies. Disclosures will also be filed by the bank’s chartered accountant in accordance with the requirements of this paragraph,” according to the statement.

He specified that the shares that will be purchased will not have the right to vote in the general meetings of the bank’s shareholders.

The company’s treasury share percentage is currently 0.36% of the total share class to be purchased.

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