AlBabtain Food board calls for share buyback to retain as treasury shares

Logo of Abdulaziz and Mansour Ibrahim AlBabtain Co. (AlBabtain Food)

Abdulaziz and Mansour Ibrahim AlBabtain Co.’s (AlBabtain Food) board of directors recommended starting the regulatory procedures with the Capital Market Authority (CMA), the Saudi Exchange (Tadawul), and other relevant authorities to repurchase 46,000 shares to be retained as treasury shares.

In a statement to Tadawul today, Aug. 22, the company said this decision will be voted on in the upcoming extraordinary general meeting (EGM), the date for which will be announced later.

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The aim is to amend the bylaws and approve the treasury share buyback, as per Paragraph 4 of Article 17 of the Executive Regulations, following the company’s compliance with the financial solvency conditions stated in Paragraph 3 of the same article, the statement added.

A solvency report from the assigned auditor will be attached to the respective general assembly’s invitation.

The company added that the treasury shares will be allocated for the employee stock incentive program, to be pledged, sold, or used for acquisitions, in accordance with the CMA, Tadawul, and relevant regulations.