Banque Saudi Fransi announced the approval of the Board of Directors to purchase a number of its shares, with the aim of allocating them to the long-term employee incentive program.
The bank said in a statement on “Saudi Arabia’s Tadawul” today, Sunday, that the number of shares to be purchased is 2 million shares, and it will be funded from the bank’s own resources.
He added that the decision will be voted on by the next extraordinary general assembly, which will be announced later, according to the requirements of the fourth paragraph of Article seventeen in the executive regulations of the companies’ system for listed joint-stock companies, and after the bank fulfills the solvency conditions mentioned in the third paragraph of Article VII. Ten in the executive regulations of the Companies Law for listed joint-stock companies.
He pointed out that the purchased shares do not have votes in the shareholders’ assemblies.
