TAM transfers 12,100 treasury shares to eligible employees

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Tam Development Co. transferred today, Sept. 30, a total of 12,052 shares to eligible employees. The transfer was from existing treasury shares, without issuing new shares or selling any of its shares, according to a statement to Tadawul.

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Accordingly, this transaction will not result in any dilution of existing shareholders' shares or any material financial impact.

The number of treasury shares before the distribution had amounted to 364,793, or 9.97% of total shares. Meanwhile, their number after the distribution reached 352,740 shares, or 9.63% of total shares.

TAM also noted that the distribution of shares to eligible employees will continue over the coming period from the treasury shares previously allocated to the employee stock incentive program (ESIP).