Bank Albilad shareholders to vote on buyback of 5 mln shares on May 12

Bank Albilad’s shareholders are set to vote on repurchasing 5 million of its shares to be retained as treasury shares, during the extraordinary general meeting that will be held on May 12, 2020.

The bank said in a statement to Tadawul that the repurchased shares will be allocated within the Employee Stock Incentive Plan, and the process will be financed from the bank’s own resources.

Shareholders will authorize the board of directors to complete the process within a period not exceeding 12 months from the date of the general assembly’s approval.

The purchased shares will be kept for a maximum period of 10 years from the date of the general assembly’s approval, and after that the bank will follow the rules and regulations of the Companies Law.

On April 16, the bank’s board of directors recommended to repurchase 5 million of its shares to be retained as treasury shares, Argaam reported.