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Advanced Petrochemical Co.’s board of directors recommended, on Jan. 25, repurchasing a maximum of 1.5 million shares to retain them as treasury shares for the Employee Shares Incentive Program (ESIP).
The buyback of ordinary shares will be financed from the company’s internal resources, Advanced said in a statement to Tadawul.
The recommendation will be submitted to the extraordinary general assembly meeting (EGM) for approval. The company is also required to fulfill the financial solvency conditions provided by the regulatory standards and procedures issued pursuant to the Companies Law.
The repurchased shares shall have no voting rights in the general assembly’s meetings. The shares allocated to employees will not be entitled to any dividends during the period of retention.
The company has currently no treasury shares of the total class of shares under buyback.
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