Nofoth to buy back 2.4M shares for ESIP

04/08/2025 Argaam
Logo ofNofoth Food Products Co.

Logo of Nofoth Food Products Co.

Nofoth Food Products Co.’s board of directors recommended on Aug. 3, the repurchase of up to 2.4 million ordinary shares of the company to be held as treasury shares.
 
 

The company intends to allocate the repurchased shares to the employee stock incentive program (ESIP).

 

In a statement published today on Tadawul, Nofoth said that the share buyback will be funded through its internal resources, noting that the current treasury shares represent 0.76% of the total issued shares.

 

The repurchased shares will not carry any voting rights in the company’s general assemblies.

 

In accordance with regulatory requirements, the recommendation is subject to the approval of the coming extraordinary general meeting (EGM). In addition, a solvency report will be prepared by the external auditor and submitted to the EGM.

 

According to Argaam data, the company intends to repurchase 2.4 million shares to allocate them for the ESIP, representing approximately 2.5% of the company’s 96 million total outstanding shares.

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