Bank Albilad EGM approves 5mln shares buyback

The repurchase will be funded from internal resources

  
Men walk pass an automated teller machine (ATM) Bank Albilad in Riyadh, Saudi Arabia, April 25, 2016.

Men walk pass an automated teller machine (ATM) Bank Albilad in Riyadh, Saudi Arabia, April 25, 2016.

REUTERS/Faisal Al Nasser
Riyadh –  The extraordinary general assembly meeting (EGM) of Bank Albilad has approved the purchase of five million of the bank’s shares.

The repurchased shares will be allocated as treasury shares within the employee shares program, according to the bank’s disclosure to the Saudi Stock Exchange (Tadawul) on Wednesday.

The transaction will be funded from the bank’s internal resources.

In addition, shareholders authorized the board of directors to complete the purchase within 12 months, while the purchased shares are set to be kept for 10 years.

Source: Mubasher

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