Bank AlJazira shareholders to vote on SAR 4.5M shares buyback on Dec. 11

Bank AlJazira’s shareholders will vote on a proposal to repurchase 4.5 million shares to be retained as treasury shares for allocation under the employee stock incentive program in line with regulatory requirements, according to a Tadawul statement.

The vote will take place during the extraordinary general meeting (EGM) scheduled for Dec. 11.

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The buyback will be financed through internal resources. The agenda includes authorizing the board of directors to complete the buyback within six months of the EGM’s approval.

The repurchased shares will be retained for no more than 10 years from the EGM's approval date. If this period expires, the bank will follow the relevant procedures and regulations as stipulated. This is contingent upon approval of items 6 and 23, which relate to the company's ability to buy or pledge its own shares.

Shareholders will also vote on authorizing the board to determine the program’s current and future terms, including the allocation price per share. This is subject to the approval of item 23, permitting the company to buy or pledge its shares.

Additionally, the EGM agenda includes the election of the board of directors for the next three-year term, which will run from Jan. 1, 2025, until Dec. 31, 2027.