SAIB shareholders approve 5M share buyback

Logo of Saudi Investment Bank

The Saudi Investment Bank’s (SAIB) shareholders approved the buyback of a maximum of five million shares to be allocated to the employee stock program during the extraordinary general meeting (EGM), held on Dec. 21, according to a statement to Tadawul.

The repurchase will be financed from the bank’s own resources, the statement said, adding that shareholders authorized the board to finalize the repurchase within 12 months from the EGM date. 

The repurchased shares will be held for a maximum of 10 years until they are allocated for eligible shareholders.  

In addition, shareholders endorsed the employee stock program, authorizing the board to determine the terms of this program, including the allocation price, if any, for each share offered to the employees.

They also approved amending Article 4 of the bylaws related to the bank’s purposes.

According to data available on Argaam, Article 4 amendments include adding financial business activities, support and administrative services, finance lease activities, brokerage activities related to main commodities and securities, and other subordinate activities to the bank’s financial services.