Bank AlJazira's shareholders OK buyback of 4.5M shares

Logo of Bank AlJazira

Bank AlJazira's shareholders approved the repurchase of 4.5 million treasury shares during the extraordinary general meeting (EGM) held on Dec. 11, the lender said in statement said to Tadawul.

The shares will be allocated for the employee share plan in compliance with regulatory requirements.

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In a statement to Tadawul, the company confirmed that the funding will be sourced from the bank's own resources, with the board of directors authorized to complete the purchase within a maximum period of six months from the EGM's decision.

The purchased shares will be held for no more than 10 years from the date of the EGM’s approval. After this period, the bank will adhere to the procedures and regulations outlined in the relevant laws and guidelines.

Shareholders also approved the employee share plan and authorized the board of directors to determine the terms of the current and future program, including the allocation price for each share.

Additionally, the EGM approved the election of board members from among the candidates for the upcoming term from Jan. 1, 2025, to Dec. 31, 2027.

The elected members are: Abdul Majeed Al-Sultan (non-executive), Mohammed BinDawood (non-executive), Ibrahim Al Shaia (non-executive), Naif Al Abdulkareem (executive), Abdulaziz Al Rasheed (non-executive), Mohammed Al Nafea (non-executive member), Saad Al Mushawah (independent), Sultan Al Hamidi (independent), and Abdulmohsen Al Shaikh (independent).