Advertise National Commercial Bank Has completed the second phase of its purchase of its shares for the Bank’s Executive Shareholder Program approved by the 5th Extraordinary General Assembly of Shareholders of the Bank on Tuesday 13 March 2018.
In a statement issued on Tadawul, the bank said that 1.86 million shares of its shares were purchased within the second phase of the transaction.
The bank said that these shares will be allocated within 3 years, in accordance with the terms and conditions of the Executive Shares approved by the association.
It was not expected that there would be a material financial impact that might affect the Bank’s financial statements as a result of this process. Indicating that any developments will be announced for the next stages at the time.
According to data available on “numbers” , NCB concluded its first phase of the purchase of its shares of the Bank’s Executive Shareholder Program, which was approved by the Extraordinary General Meeting of the shareholders of the bank by purchasing 2.1 million shares.
The Board of Directors of the Bank approved in May the Executive Share Shares Scheme and authorized the Board of Directors to amend the Executive Share Shares Program as needed and to complete the purchase in several stages or at a single stage as it deems appropriate. And the maximum number of shares allowed to purchase the program shall not exceed 4 million shares.