Tadweeer votes June 26 to extend treasury shares retention period by 4 years

Logo of National Environmental Recycling Co. (Tadweeer)

National Environmental Recycling Co.’s (Tadweeer) shareholders are set to vote on extending the retention period of the four million treasury shares held by the company, during the extraordinary general meeting (EGM) slated for June 26.

In a statement to Tadawul, the company said the period will be extended by four years starting from the EGM approval date. After the expiry of this period, the company will comply with the procedures and controls stipulated in the applicable regulations.

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Meanwhile, shareholders will vote on amending Article 39 of the company’s bylaws related to profit allocation. Through the amendment, Tadweeer aims to set aside 10% of net profit to form the statutory reserve.