NADEC repurchases 1M shares for LTIP

Logo of National Agricultural Development Co. (NADEC)

National Agricultural Development Co. (NADEC) completed the buyback of one million shares for the employees’ long term incentive program (LTIP) at a total of SAR 21.2 million (SAR 21.21 per share).

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In a statement to Tadawul, NADEC said the repurchase process took 18 months from the extraordinary general meeting (EGM) date.

LTIP aligns with NADEC’s strategy that aims at attracting, retaining, and motivating talent.

According to Argaam data, NADEC’s shareholders approved LTIP during the extraordinary general meeting held in April, and authorized the board of directors to set the program’s terms, including the allocation price per share offered to employees, if offered for consideration.

On March 6, the board recommended the repurchase of up to one million shares, representing 0.33% of the company’s ordinary shares, to be held as treasury shares.