Saudi Arabia's SAIB extends retention period of treasury shares
The aforementioned treasury shares will be held by the bank until 31 December 2021
By Staff Writer, Mubasher
Riyadh – The extraordinary assembly of the Saudi Investment Bank (SAIB) approved extending the maximum period during which the bank can hold the shares acquired from JP Morgan International Finance Limited, amounting to 56.245 million shares, and the shares acquired from Mizuho Bank Ltd, totalling 18.749 million shares.
The aforementioned treasury shares will be held by the bank until 31 December 2021 (the Extended Longstop Date), according to a stock exchange filing on Monday.
Moreover, the bank’s shareholders authorised the board to sell the treasury shares at any time before the Extended Longstop Date in one or more tranches and as per terms and mechanisms it deems appropriate, the statement read.
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