SAB shareholders to vote on 9.8% cash dividend for H2 2023 on April 25

Saudi Awwal Bank's (SAB) shareholders will vote on the board's recommendation to pay a cash dividend of SAR 0.98 a share, or 9.8% of capital, for H2 2023, during an extraordinary general meeting to be held on April 25, the bank said in a statement to Tadawul.

Shareholders will also vote on authorizing the board of directors to distribute cash dividends for 2024 on a semi-annual or quarterly basis.

Meanwhile, they will discuss the repurchase of up to 4.7 million shares to be allocated for the employee stock incentive program. The share buyback will be financed from the bank’s resources.

They will authorize the board (or whomever it delegates) to complete the purchase within 12 months from the date of the EGM approval and to determine the terms of the program and its implementation.

The bank may hold treasury shares without selling or allocating them to the Employee Share Scheme for a period not exceeding 10 years from the date of approval. Once the said period lapses, the bank will follow the rules and procedures stipulated in the relevant laws and regulations, the statement added.