ANB board proposes 5M share buyback for employee stock incentive program

Logo of Arab National Bank (ANB)

Arab National Bank's (ANB) board of directors recommended the buyback of a maximum of five million shares, to be allocated for the employee stock incentive program, according to a statement to Tadawul today, March 26.

These shares will be retained as treasury shares for the employee stock incentive program, supporting the bank's strategic objectives to motivate the employees and attract the best cadres, said the bank.

It added that the repurchase will be self-financed.

The approval of the bank's extraordinary general assembly will be obtained in its upcoming meeting on the shares purchase, as per the requirements of the executive regulations of the Companies Law for listed joint stock companies.

The bank will also adhere to the solvency conditions as specified in sub-article (3) of Article (17) of the executive regulations, based on the solvency report that will be issued by the bank's external auditor. This report will be included with the general assembly invitation, which will approve this transaction in accordance with the regulations, according to the statement.

ANB also noted that the repurchased shares will not have voting rights in the shareholders assemblies.

ANB stock ended today’s session at SAR 28.90 per share.