BinDawood Holding proposes 1M share buyback

BinDawood Holding to hold repurchased shares as treasury shares for long-term employee incentive program

BinDawood Holding Co.’s board of directors, in its meeting on Dec. 4, recommended the repurchase of a maximum of one million ordinary shares, or 0.087% of the company’s shares, according to a statement to Tadawul.

These shares will be retained as treasury shares under the long-term employee incentive program, which supports the company’s strategic objectives for motivating employees and attracting top talents.

The buyback will be financed from its own resources, and the repurchased shares will not have voting rights in shareholder meetings.

The company’s current treasury shareholding from the total class of shares subject to repurchase stands at 0.175%.

Shareholders will vote on the proposal in the upcoming extraordinary general meeting.

The financial solvency conditions will be fulfilled through the financial solvency report, which will be issued by the company’s auditor and attached to the EGM disclosure that will approve this process in accordance with the law.