Almarai board proposes 10M treasury share buyback
Almarai will allocate the repurchased shares under its long-term employee incentive program
Almarai will allocate the repurchased shares under its long-term employee incentive program
Almarai Co.’s board of directors recommended the buyback of 10 million shares, to be held as treasury shares and allocated for the long-term incentive scheme, according to a statement to Tadawul.
The buyback will be financed through the company’s internal resources. Treasury shares currently account for 0.9% of Almarai’s total outstanding shares, the statement said.
The decision is subject to approval by the extraordinary general assembly, which will be announced in due course. The company will also obtain all required regulatory approvals and meet solvency requirements.
Repurchased shares will not carry voting rights at general assembly meetings and will not receive dividends.
According to Argaam data, the treasury shares represent about 1% of Almarai’s total share capital.
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