Alinma Bank plans 5 mln share buyback for employee stock incentive program

Logo of Alinma Bank

Alinma Bank’s board of directors approved today, Feb. 1, the repurchase of up to five million ordinary shares to be allocated for the long-term employee stock incentive plan, the bank said in a statement to Tadawul.

The bank will finance the repurchase from its internal resources. The current percentage of Alinma Bank’s treasury shares of total target shares stands at 0.43%.

The recommendation will be submitted to the upcoming extraordinary general meeting (EGM) for voting, which will be announced later.

Alinma Bank shall fulfill all the solvency requirements mentioned in the regulatory rules and procedures issued pursuant to Article 17 (4) of the Implementing Regulation of the Companies Law for Listed Joint-Stock Companies. A report from the bank’s auditor will be submitted as per the respective requirements.

The repurchased shares will have no voting rights in general assembly meetings.