| Element List |
Explanation |
| Introduction |
Banque Saudi Fransi announces the Board of Director’s approval to purchase a number of the company’s shares, to allocate them within the Employee Long-Term Incentive Plan. |
| Board Approval's Date |
2023-04-09 Corresponding to 1444-09-18 |
| Purpose of Purchase |
To retain them as Treasury Shares under LTIP Program. |
| Purpose of Purchase (If the Purpose to Keep the Shares as Treasury Shares) |
To retain them as Treasury Shares under LTIP Program. |
| Number of Shares to be Bought |
2000000 |
| Shares Class |
Ordinary shares |
| Method of Financing the Purchasing Process |
From the Bank’s own resources |
| Current Percentage of the Treasury Shares at the Company out of the Total Class of Shares Purchased |
0.511% |
| Approvals and Meeting the Conditions of Financial Appropriateness |
The resolution will be voted on in the next Extraordinary General Assembly which will be announced later in accordance with the requirements of the fourth paragraph of Article seventeen of the Implementing Regulations of the Companies Law for Listed Joint Stock Companies, and after satisfying solvency requirements by the Bank as stipulated in the third paragraph of Article seventeen of the Implementing Regulations of the Companies Law for Listed Joint Stock Companies. |
| Voting Right |
Purchased Shares Shall not Have Voting Rights in the General Assembly’s Meetings |
| Additional Information |
The Bank would like to clarify that the total number of shares that the Bank may purchase in the coming period includes the two million (2,000,000) shares mentioned in this announcement in addition to (1,247,485) shares that represents the remaining shares from the Bank’s previously announced intention to purchase dated 16/04/2020. |
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