Tharwah board proposes 200,000 share buyback

Logo of Altharwah Albashariyyah Co. (Tharwah)

Altharwah Albashariyyah Co.’s (Tharwah) board of directors recommended, on May 15, repurchasing up to 200,000 of the company’s shares, representing 4.25% of its share capital, to be held as treasury shares.

In a statement to Tadawul, the company said that the buyback will not impact the level of public ownership of the traded shares, in accordance with regulations set by the Capital Market Authority (CMA), financial market rules, and the applicable laws in Saudi Arabia.

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The buyback is intended to facilitate share-swap transactions as part of the acquisition deal for Amjad Watan for Exhibitions and Conferences Management. A portion of these shares will be allocated to the company’s employees in the future under a long-term incentive program.

The buyback will be funded from its own resources, Tharwah stated, adding that the repurchased shares will carry no voting rights in shareholders’ meetings.

The buyback requires approval from the extraordinary general meeting (EGM) and must meet the financial solvency requirements outlined in the executive regulations of the Companies Law for listed joint stock companies.

The company confirmed it does not currently hold any treasury shares.