Jamjoom Pharma shareholders reject LTIP, buyback plan

Logo of Jamjoom Pharmaceuticals Factory Co. (Jamjoom Pharma) 

Shareholders of Jamjoom Pharmaceuticals Factory Co. (Jamjoom Pharma) rejected the board of directors’ recommendation on establishing an employee long-term incentive program (LTIP).

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The decision came during the extraordinary general meeting (EGM) held on June 25.

Shareholders also disapproved the company’s plan to repurchase 100,000 shares to retain as treasury shares under the LTIP program, according to a Tadawul statement.

The buyback was to be financed from the company’s own resources, and the board of directors was to be authorized for the completion of the repurchase in multiple phases within a maximum period of 12 months from the EGM date.

Meanwhile, shareholders approved authorizing the board of directors to distribute cash dividends semiannually or quarterly for 2025.