Bank Albilad plans 5 mln share buyback for employee stock incentive program

Bank Albilad building

Bank Albilad announced today, Jan. 8, its plans to repurchase up to five million ordinary shares to retain them as treasury shares for the Employee Shares Incentive Program (ESIP).

In a Tadawul statement, the bank said the proposed buyback will be financed by its internal resources.

The current percentage of Bank Albilad’s treasury shares of total target shares stand at 0.36%.

The board recommendation, dated Dec. 12, 2022, will be submitted to the upcoming extraordinary general meeting (EGM) for approval. The bank must also fulfill the financial solvency conditions provided by the regulatory standards and procedures issued under the Companies Law.

The repurchased shares will have no voting rights in the general assembly meetings.