BSF to buy back 3 million shares for employee incentive plan

Banque Saudi Fransi’s (BSF) board of directors approved today, April 16, to repurchase a maximum of 3 million treasury shares under the Employees Long Term Incentive Program (LTIP), the bank said in a statement to Tadawul on Thursday.

The share repurchase will be financed from its own resources, it added.

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.

Currently, BSF holds 0.471% of its ordinary shares as treasury shares.

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

In December 2019, the company completed the first phase of buying back its shares at a total value of SAR 2.69 million under LTIP.