First Mills board proposes 300,000 share buyback

Logo of First Milling Co. (First Mills) 

First Milling Co.’s (First Mills) board of directors recommended, on Oct. 27, repurchasing up to 300,000 treasury shares, which will be allocated to the employees’ stock long-term incentive plan.

The buyback will be financed from the company’s own resources, according to a Tadawul statement.

Treasury shares currently represent 0.54% of the total issued share capital.

The board’s recommendation will be presented to the upcoming extraordinary general assembly, which will be announced later for approval.

First Mills will ensure full compliance with the regulatory solvency requirements and present an official auditor’s report.

The purchased shares will not have voting rights in the general assembly meetings, the statement said.