Tasnee shareholders OK 66.9M share buyback

Logo of National Industrialization Co. (Tasnee)

National Industrialization Co.'s (Tasnee) said its shareholders approved the repurchase of 66.9 million shares to be held as treasury stock during an extraordinary general meeting (EGM) on May 11.

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In a statement to Tadawul, the company said its board believes the market price of the shares is below fair value. The buyback will be financed from internal resources.

The board was authorized to complete the repurchase within 18 months from the EGM date. The company may retain the repurchased shares for up to five years from that date, after which it will comply with relevant laws and regulations regarding their disposal.

Shareholders also elected the following board members for the upcoming four-year term starting July 6, 2025: Abdulaziz Al Mulhim, Talal Al Maiman, Abdularahman Al Sayyari, Ahmad Al Humaidan, Mohammed Al Haqbani, Fahad Al Mishal, Fawaz Al Fawaz, Musaab Al Muhaidib, Ahmed Al Theabi, and Muath Al Zamil.

In addition, shareholders gave a nod to amending Article 4 of the Bylaws related to the company's purposes.