Savola completes 2.6M share buyback for SAR 70M

Savola expects no financial impact to be reflected on its financials as a result of this transaction

Savola Group completed today, Nov. 20, the buyback of all shares set to be retained as treasury shares under the employees’ long-term incentive program (LTIP), for SAR 70 million.

In a statement to Tadawul, the company said the number of repurchased shares reached 2.6 million (0.87% of the company's share capital), at an average of SAR 26.87 apiece.

The buyback was conluded within a maximum period of 12 months from the date of the EGM’s resolution, the company said, noting that no financial impact may affect the company's financial statements as a result of this transaction.

The step came as part of the group’s efforts to attract and retain key talents and to prompt them to scale their performance, hence achieving the group’s strategic objectives, the statement added.

According to data available on Argaam, Savola’s shareholders approved the repurchase of 2.8 million shares to be allocated for the LTIP.