The Saudi British Bank announces its intention to purchase a number of its own shares to allocate them within the Employee Stock Incentive Plan
| Element List | Explanation |
|---|---|
| Introduction | The Saudi British Bank announces the board of director’s approval to purchase a number of the Bank share with a maximum of (4,000,000) shares to allocate them within the Employee Stock Long-Term Incentive Plan. |
| Board Approval's Date | 2021-02-28 Corresponding to 1442-07-16 |
| Purpose of Purchase | To retain them as Treasury Shares under long term incentive plan Program for Employee shares |
| Number of Shares to be Bought | 4000000 |
| Shares Class | 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 | 0.065 |
| Approvals and Meeting the Conditions of Financial Appropriateness | Voting for this resolution would take place during the upcoming extra-ordinary general assembly which will be announced later as per the requirements of Regulatory Rules and Procedures issued pursuant to the Companies Law relating to Listed Joint Stock Companies (Paragraph Four of Article Twelve). The Bank shall fulfil all the Solvency requirements mentioned in the Regulatory Rules and Procedures issued pursuant to the Companies Law relating to Listed Joint Stock Companies (Paragraph Three of Article Twelve). Additionally, will obtain approval from the necessary supervisory authorities. |
| Voting Right | The purchased shares will not have voting rights in the General Assembly’s Meeting |
The Capital Market Authority and the Saudi Stock 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.