News Detail - anb
26 Mar, 2024
The Arab National Bank Announces the Board of Directors' Recommendation to Buy-back its Shares for The Employee Stock Incentive Plan
| Introduction | The Arab National Bank announces the board of director’s recommendation to buy-back a number of the Bank’s shares with a maximum of (5,000,000) shares to allocate them within the Employee Stock Incentive Plan. |
| 26/03/2024 | |
| Purpose of Purchase | Employee Stock Incentive Plan. |
| Purpose of Purchase (If the Purpose to Keep the Shares as Treasury Shares) |
To retain them as Treasury Shares for Employee Shares long-term Incentive Program, which supports the Bank strategic objectives to motivate the employees and attract the best competencies. |
| Number of Shares to be Bought | 5,000,000 |
| Shares Class and type | Ordinary shares. |
| Method of Financing the Purchasing Process | Financing the purchasing process through the Bank’s own resources. |
| Current Percentage of the Treasury Shares at the Company out of the Total Class of Shares Purchased | 0% |
| Approvals and Meeting the Conditions of Financial Appropriateness | The approval of the Extraordinary General Assembly (EGA) shall be obtained in the next EGA meeting for the shares purchase as per the requirements of sub-article (4) of Article (17) of the Implementing Regulations of the Company Law for Listed Joint Stock Companies. The Bank will also adhere to the solvency conditions as specified in sub-article (3) of Article (17) of the Implementing Regulations, based on the Solvency Report that will be issued by the Bank's external auditor. This report will be included with the EGA invitation, which will approve this transaction in accordance with the regulations. |
| Voting Right | The shares that the Bank buys-back shall not have voting rights in the shareholders Assemblies. |
Arab National Bank (anb) - a Saudi joint stock co. - paid up capital SR. 15,000 Million - Unified No. 7000018007 - License No. 4017/m/a/254- National Address 7317 King Faisal Rd. Al Murabba, unit number 1, Riyadh 12613-3536 - P.O. Box 56921, Riyadh 11564, Kingdom of Saudi Arabia - Website: anb.com.sa - Telephone +966114029000 - Fax +966114027747 The Bank is regulated and supervised by Saudi Central Bank
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