SPIMACO board proposes 815,000 share buyback for LTIP

Logo of Saudi Pharmaceutical Industries and Medical Appliances Corp.

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) announced that its board of directors recommended to the upcoming extraordinary general meeting (EGM) the repurchase of 815,000 shares maximum. 

In a statement to Tadawul, the company said the repurchased shares, representing 0.68% of the company's total shares, will be allocated to the long-term incentive program (LTIP) for employees.  

The buyback will be financed from the company's own resources, the statement said, adding that the repurchased shares will not have voting rights in general meetings.  

The company should obtain the EGM approval and satisfy the solvency requirements as per the Companies Law. The solvency report will be issued by SPIMACO’s external auditors and attached to the EGM invitation.