Bank Albilad announced its intention to purchase a number of its shares to be used as treasury shares.
The bank said in a statement on “Saudi Tadawul”, today, Sunday, that the number of shares to be purchased is 5 million shares, funded from the bank’s own sources.
He added that the purpose of the purchase is to keep them as treasury shares to allocate them to the bank’s employees within the employee shares program.
He explained that this decision will be voted on by the next extraordinary general assembly, whose date will be determined later, according to the requirements of the fourth paragraph of Article Twelve of the regulatory controls and procedures issued in implementation of the Companies Law for listed joint stock companies.
“The bank will be required to fulfill all the financial solvency conditions mentioned in the third paragraph of Article Twelve of the regulatory controls and procedures issued in implementation of the companies’ system for listed joint-stock companies. A report will also be submitted by the bank’s chartered accountant according to the requirements of this paragraph,” according to the statement.
He pointed out that the shares that will be purchased will not have the right to vote in the general assemblies of the bank’s shareholders.
The percentage of the company’s treasury shares is currently 0.36% of the total class of shares to be purchased.