Arabian Cement shareholders OK transfer of SAR 595M to retained earnings

Logo of Arabian Cement Co.

Arabian Cement Co.’s shareholders approved transferring the statutory reserve amounting to SAR 500 million, as of Dec. 31, 2024, to retained earnings, during the extraordinary general meeting (EGM) held on July 13, according to a statement to Tadawul.

In addition, the entire general reserve of SAR 95 million will be also transferred to retained earnings.

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An employee stock incentive program (ESIP) has been established, and the board was authorized to determine the terms of the program, including the allocation price for each share offered to employees, if offered for consideration.

Moreover, shareholders approved he buyback of up to 150,000 common shares to be held as treasury shares, and allocated to ESIP as per regulations, provided the share repurchase will be financed from the company’s own resources.

The board will be authorized to complete the share repurchase within a maximum period of 18 months from the date of the EGM decision, and that the repurchased shares will be maintained for a period not exceeding five years from the date of the EGM approval.

The company, after the end of this period, will follow the procedures and controls stipulated in relevant laws and regulations.