QNB Group Secures Approvals for USD795m Share Buyback
Date
9/29/2024 2:59:46 AM
(MENAFN) QNB Group announced that it has received all necessary regulatory approvals from Qatar Central bank (QCB) and Qatar financial market Authority (QFMA) to initiate its share repurchase program.
Under Article 10 of QNB’s Articles of Association and following a Board decision on September 11, 2024, the bank plans to buy back shares worth up to USD795 million, in line with QFMA decisions 3 and 4 of 2024. The buyback will be funded from existing cash resources and will utilize an Open-Market Repurchase (OMR) mechanism, adhering to applicable QFMA regulations. This process will begin after the release of interim financial statements for the nine months ending September 30, 2024, subject to market conditions.
The decision to proceed with the share repurchase follows careful evaluation of various factors, including shareholder expectations, QNB Group’s financial strength, growth strategy, and continued investor confidence..
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