SABB plans 1 mln share buyback for employee stock incentive plan

SABB branch

The board of directors of Saudi British Bank (SABB) approved, on Dec. 8, the repurchase of up to one million ordinary shares to be allocated for the long-term employee stock incentive plan, the bank said in a statement to Tadawul.

The bank will finance the repurchase from its internal resources. The current percentage of SABB’s treasury shares of total target shares stands at 0.20%, the statement added.

The recommendation will be submitted to the upcoming extraordinary general assembly (EGM) for voting. The bank shall fulfil all the solvency requirements mentioned in the regulatory rules and procedures issued pursuant to Article 12 (3) Companies Law relating to Listed Joint Stock Companies. A report from the external auditor will be submitted as per the requirements of this paragraph.

The repurchased shares will not have voting rights in the general assembly’s meeting.