SAIB shareholders to vote on 5M share buyback on Dec. 21

Saudi Investment Bank branch

The Saudi Investment Bank’s (SAIB) shareholders will vote in an extraordinary general meeting (EGM) to be held on Dec. 21, on the buyback of a maximum of five million treasury shares, which will be allocated to its employees’ stock incentive plan. 

In a statement to Tadawul, the bank pointed out that the share repurchase will be completed through the bank’s own resources, noting that shareholders will also vote on authorizing the board of directors to complete the buyback within a maximum period of 12 months from the date of the EGM’s decision. 

The repurchased shares will be retained by the bank as treasury shares for a period not exceeding 10 years, until they are allocated to eligible employees. 

After the expiration of this period, SAIB will follow the procedures and controls stipulated in the relevant laws and regulations. 

Moreover, shareholders will vote on the stock program allocated to employees and on authorizing the board to determine the terms of this program, including the allocation price for each payable share offered to employees. 

The EGM agenda will also include voting on amending Article 4 of the bank’s bylaws on objectives, by adding financial activities, administrative services and support activities, financial lease, brokerage activities related to securities and commodity contracts, other activities supporting financial services activities.