Riyad Bank board recommends 7.5M share buyback for ESIP

18/12/2024 Argaam
Logo ofRiyad Bank

Logo of Riyad Bank

Riyad Bank's board of directors recommended the purchase of up to 7.5 million ordinary shares, to be allocated to the bank's employee stock incentive program (ESIP).

 

In a statement to Tadawul, the bank said its current treasury shares represent 0.167% of the total eligible shares for purchase.

 

The buyback will be financed using the bank's internal resources, and the acquired shares will have no voting rights in shareholders' meetings.

 

The move is still pending approval at the next extraordinary general meeting (EGM), in line with Paragraph (4) of Article (17) of the Executive Regulations of the Companies Law for listed joint-stock companies.

 

Additionally, the bank will meet the financial solvency requirements outlined in Paragraph (3) of Article (17), as confirmed by a solvency report from the bank's external auditor. Necessary regulatory approvals will also be obtained.

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