ANB board recommends up to 10M share buyback

Logo of Arab National Bank (ANB)

Arab National Bank (ANB) board of directors recommended during its meeting held on Dec. 17 repurchasing up to 10 million of its shares to allocate them to the employee stock incentive program (ESIP).

In a statement to Tadawul, the bank said the share buyback will be funded through its own resources. The repurchased shares will be held as treasury shares under the long-term ESIP, aligning with the bank's strategy to attract and retain top talent.

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The bank disclosed that its current treasury shares account for 0.25% of the total shares targeted for buyback. It also clarified that the repurchased shares will not have voting rights at shareholders’ meetings.

The bank added that it will seek approval for the buyback process during the next extraordinary general meeting (EGM), as required by Paragraph 4 of Article 17 of the Executive Regulations of the Companies Law for Listed Joint Stock Companies.

Additionally, the bank affirmed that it will comply with the solvency requirements outlined in Paragraph 3 of Article 17 of the same regulations.

These requirements will be detailed in the solvency report prepared by the bank’s external auditor, which will be included in the EGM invitation for approval in accordance with the law.