The Saudi Awwal Bank Announces The Board of Director’s Recommendation to Buy-back its Shares for The Employee Stock Incentive Plan

-0.13 %
1445/08/17     27/02/2024 08:44:54

Element ListExplanation
Introduction The Saudi Awwal Bank announces the board of director’s recommendation to buy-back a number of the Bank’s shares with a maximum of (4,700,000) shares to allocate them within the Employee Stock Incentive Plan.
Board of director’s recommendation date 2024-02-26 Corresponding to 1445-08-16
Purpose of Purchase Employee Stock Incentive Plan.
Purpose of Purchase (If the Purpose to Keep the Shares as Treasury Shares) Not applicable
Number of Shares to be Bought 4700000
Shares Class and type Ordinary shares.
Method of Financing the Purchasing Process From the Bank's own resources.
Current Percentage of the Treasury Shares at the Company out of the Total Class of Shares Purchased 0.17%
Approvals and Meeting the Conditions of Financial Appropriateness In accordance with Point 4 of Article 17 in the Implementing Regulation of the Companies Law for Listed Joint Stock Companies, the approval of the Extraordinary General Assembly is necessary for the shares buy-back transaction. The date of the Extraordinary General Assembly's meeting will be announced in due course.

Pursuant to Point 3 of Article 17 in the Implementing Regulation of the Companies Law for Listed Joint Stock Companies, the Bank will satisfy all solvency requirements as per a report provided by the external auditor.

Voting Right The purchased shares will not have voting rights in the General Assembly’s Meeting

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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