SAIB board recommends 5 mln treasury share buyback

29/10/2023 Argaam
Saudi Investment Bankheadquarters

Saudi Investment Bank headquarters

The Saudi Investment Bank’s (SAIB) board of directors recommended, on Oct. 26, buying back a maximum of 5 million ordinary shares to retain as treasury shares, which will be allocated to its employees’ stock incentive plan. 

 

The share repurchase will be completed through the bank’s own resources, SAIB said in a statement to Tadawul.  

 

The lender does not hold any treasury shares currently. In addition, the buyback shares will not have any voting rights. 

 

The board’s recommendation will be presented for approval at the upcoming extraordinary general assembly (EGM), which will be announced later in line with Article 17 (4) of the implementing regulations of the Companies Law for Listed Joint Stock Companies.  

 

Additionally, the bank will fulfill the solvency requirements of Article 17 (3) of the implementing regulations of the Companies Law for Listed Joint Stock Companies. 

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