ANB shareholders approve 10M share buyback

Logo of Arab National Bank (ANB)

Arab National Bank’s (ANB) shareholders approved, in an extraordinary general meeting (EGM) held on April 8, the buyback of up to 10 million of its shares to be allocated for the Employee Share Program.

In a statement to Tadawul, the bank said that the repurchase process will be financed by internal resources.

Shareholders also authorized the board of directors to complete the repurchase process within a maximum period of 18 months from the date of the EGM.

The bank will retain the repurchased shares for a period not exceeding 10 years from the EGM date until they are allocated to eligible employees. After the expiration of this period, the bank will follow the procedures and controls stipulated in the relevant laws and regulations, the statement added.

Meanwhile, shareholders approved amending the Employee Share Program and delegated the board to determine the terms of this program, including the allocation price for each share offered to employees, if paid.

Furthermore, shareholders authorized the board to distribute interim cash dividends for 2025 on a semi-annual or quarterly basis.