The Board of Directors of the Saudi National Bank recommends the purchase of 16 million treasury shares

Last Thursday, the Board of Directors of the Saudi National Bank recommended purchasing a number of the bank’s shares, with a maximum of (16,000,000) shares, for the purpose of allocating them to the employee stock ownership plan program.
The bank said in a statement on Tadawul Saudi Arabia: Financing the purchase process is from the bank’s own resources.
He added that the company’s current percentage of treasury shares out of the total class of shares subject to purchase is 0.92%.
He noted the vote on the decision by the next extraordinary general assembly, which will be announced later, in accordance with the requirements of the fourth paragraph of Article Seventeen in the executive regulations for the companies’ system for listed joint-stock companies, and after the bank fulfills the solvency conditions mentioned in the third paragraph of Article Seventeen in Executive regulations of the corporate system for listed joint stock companies.
The shares to be purchased will have the right to vote in shareholder assemblies.