SABB shareholders to vote on 4 mln share buyback for LTIP on March 31

Saudi British Bank's (SABB) shareholders are set to vote on repurchasing a maximum of 4 million shares at a total amount of SAR 115 million maximum, to be allocated for the Employees Long Term Incentive Program (LTIP) during the extraordinary general meeting that will be held on March 31, 2021.  

The repurchase will be financed by the bank’s own resources. The board will be authorized by SABB shareholders to complete the purchase within 12 months from the date of the EGM approval, and set the terms of the program, including the allocation price for each share offered to employees, if any. The repurchased shares will be held for a maximum period of ten years from the date of the EGM approval.  

The shareholders will also vote on delegating the board of directors to distribute interim dividends on a semiannual or quarterly basis for 2021. 

They will vote on approving the financial statements, board and audit reports, as well as board remuneration for 2020. They will also ratify the board of directors to distribute interim dividends on a semi-annual or quarterly basis for 2021.

Shareholders will discuss the proposed amendments to the bank's bylaw, buyback program, and increase and decrease of share capital.

The general assembly will further vote to endorse the dealings and contracts signed between the bank and HSBC Saudi Arabia.

Shareholders will vote on transferring SAR 9.062 billion from issue premium reserve surplus to statutory reserve, thus bringing statutory reserve to 100% of capital.

Besides, the assembly will discuss amending the audit committee's rules and contracts signed with HSBC Saudi Arabia.

Shareholders will vote on the agenda items through Tadawulaty as of March 27, 2021.