SAB completes share buyback for SAR 37.3 mln

Logo of SAB

Saudi Awwal Bank (SAB) announced the completion of repurchasing one million shares and their allocation to the Long-Term Incentive Program (LTIP) for employees, as per the approval of the extraordinary general meeting (EGM) on May 3.    

In a Tadawul statement, the bank said the shares were repurchased at SAR 37.35 each at a total value of SAR 37.3 million.

In May, shareholders approved the buyback of one million shares maximum to be allocated to the LTIP. The repurchase will be financed through the bank’s own resources, as reported earlier by Argaam.