Bank Albilad general assembly approves buying back 5 mln treasury shares

Bank Albilad’s shareholders approved, during the extraordinary general meeting (EGM) held on May 12, buying back 5 million treasury shares, to be allocated within the Employee Stock Incentive Plan.

The bank said in a bourse statement that the share repurchase will be financed using its own resources.

Shareholders also authorized the board to complete the buying process within a period not exceeding 12 months from the date of the general assembly’s approval, including the allocation price for each share offered to employees.

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.