Saudi British Bank’s (SABB) board of directors approved on Feb. 28, 2021, to repurchase a maximum of 4 million shares and retain them as treasury shares under the Employees Long Term Incentive Program (LTIP), the company said today, March 1, 2021, in a statement to Tadawul.
The repurchase process will be funded from the bank's own resources.
Currently, SABB holds 0.065% as treasury shares.
The decision is pending the approval of the extraordinary general assembly (EGM) after fulfilling all financial and regulatory requirements.
The repurchased shares allocated to employees will not have any voting power in the general assemblies.
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