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

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

27 February 2024 08:44 AM

SAB

1060

15.71%

40.50

5.50

Element List

Explanation

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