Savola shareholders approve buyback of 2.8M shares

02/11/2025 Argaam
Logo ofSavolaGroup

Logo of Savola Group

Shareholders of Savola Group approved the repurchase of 2.8 million of its shares to allocate them under the employees’ long-term incentive program (LTIP) during the extraordinary general meeting held on Oct. 30, the company said in a statement to Tadawul.

 

The buyback will be financed through the company’s own resources and the board of directors has been authorized to complete the purchase within 12 months from the EGM’s resolution date.

 

Savola will retain the repurchased shares for up to five years from the EGM’s approval date until they are allocated to eligible employees. After the expiry of the period, the group will follow the relevant procedures and regulations, the statement said.

 

The program is a continuation of the existing LTIP, with the terms and conditions approved by the board of directors and ratified by the general assembly on April 29, 2020.

 

The EGM also approved amending Article 3 of the articles of association related to the company’s objectives, as well as rearranging and renumbering the articles to align with the proposed amendments.

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