Bank Albilad board recommends buyback of 5 mln shares

Bank Albilad’s board of directors recommended to repurchase 5 million of its shares to be retained as treasury shares, the company said in a statement to Tadawul on Thursday.

The purchased shares will be allocated within the Employee Stock Incentive Plan, and the share repurchase will be financed from the bank’s own resources.

The company will call for an extraordinary general meeting, to obtain approval for the share buyback in accordance with the rules and regulations of the Companies Law.

The treasury shares will not have voting rights in the general meetings, the statement noted.

The company currently holds 0.41% of its shares as treasury shares.