Bank Albilad shareholders OK 5% cash dividend for 2022

Bank Albilad shareholders approved the board’s proposal for a 5% cash dividend, or SAR 0.50 per share, for 2022, during the extraordinary general meeting (EGM) held on May 1, the bank said in a statement to Tadawul.

The board was also authorized to pay interim dividends on a semi-annual or quarterly basis for 2023.

Shareholders also greenlit the employee shares program, authorizing the board to determine its conditions including the allocation price for each share offered to employees.

They also approved the buyback of five million shares maximum as treasury shares, which will be allocated for the employee shares program. The buyback will be financed by the bank’s internal sources. The board, or whoever it delegates, was authorized to complete the repurchase within 12 months from the date of shareholders’ approval.

The repurchased shares will be retained by the bank for 10 years starting from the shareholders’ approval date. Afterwards, the bank will follow the applicable procedures in this regard.