Zamil Industrial Investment Co.’s board of directors recommended to repurchase 5%, or 3 million treasury shares, the company said in a statement to Tadawul on Thursday.
The share repurchase will be financed from its own resources, it added.
The company will call for an extraordinary general meeting, to obtain approval for the share buyback in accordance with the rules and regulations of the Companies Law.
Currently, Zamil does not hold any treasury shares.
The treasury shares will not have voting rights in the general meetings, the statement noted.
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