The Board of Directors of the Saudi First Bank recommended, during its meeting held yesterday, Monday, February 27, the purchase of a number of its shares, up to a maximum of 4.70 million shares, as ordinary shares.
The bank explained, according to a statement issued on Tuesday on Tadawul, that the purpose of the purchase is to allocate it to the employee incentive stock program and keep it as treasury stock.
The bank added that the method of financing the purchase process will be from the bank's own resources, indicating that the percentage of treasury shares currently held by the company out of the total category of shares subject to purchase is 0.17%.
The bank noted that the approvals and fulfillment of the financial suitability conditions based on the requirements of the fourth paragraph of Article Seventeen of the Executive Regulations of the Companies Law for listed joint stock companies, the purchase process will be voted on by the upcoming extraordinary general assembly, the date of which will be announced later.
In accordance with the requirements of the third paragraph of Article Seventeen of the Executive Regulations of the Companies Law for Listed Joint Stock Companies, the Bank shall comply with all the financial solvency requirements contained in the aforementioned paragraph, and a report issued by the Bank’s legal accountant will be submitted to that effect, indicating that the shares that will be purchased will not have the right to vote in shareholders’ meetings.
