SAB shareholders OK 9.8% dividend for H2 2023; 4.7M share buyback

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

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

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

Additionally, they authorized the board (or whomever it delegates) to complete the repurchase process within 12 months from the date of the EGM approval and to determine the program terms.

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.