First Mills board proposes 300,000 share buyback

Logo of First Milling Co. (First Mills) 

First Milling Co.’s (First Mills) board of directors recommended, on Oct. 27, repurchasing up to 300,000 of the company’s shares, to be held as treasury shares and allocated to the Employees’ Stock Long-Term Incentive Plan.

In a statement to Tadawul, the company said that the buyback will be financed from the company’s own resources.

The company also noted that the current percentage of held treasury shares out of the total class of shares purchased is 0.54%.

The board’s recommendation will be presented to the upcoming Extraordinary General Assembly, which will be announced later for approval.