Banque Saudi Fransi Announces Its Intention to Purchase its Shares
| Element List | Explanation |
|---|---|
| Introduction | Banque Saudi Fransi announces the Board of Director’s approval to purchase a number of the Bank’s shares, to allocate them within the bank’s Share-Based Employee Remuneration Plans. |
| Board of director’s recommendation date | 2024-03-25 Corresponding to 1445-09-15 |
| Purpose of Purchase | To retain them as Treasury Shares under the bank’s Share-based Employee Remuneration Plans. |
| Purpose of Purchase (If the Purpose to Keep the Shares as Treasury Shares) | To retain them as Treasury Shares under the bank’s Share-based Employee Remuneration Plans. |
| Number of Shares to be Bought | 2864388 |
| Shares Class and type | 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 | 0.68294% |
| Approvals and Meeting the Conditions of Financial Appropriateness | The Bank has received the Saudi Central Bank no-objection on 04/04/2024 Corresponding to 25/09/1445.
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 |
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