First Mills distributes 300,000 treasury shares to employees under LTIP

Logo of First Milling Co. (First Mills)

First Milling Co. (First Mills) announced the distribution of 300,000 treasury shares to eligible employees, undet its earlier-approved Long-Term Incentive Plan (LTIP).

In a statement to Tadawul today, March 31, the company explained that post-distribution, its treasury share balance decreased from 300,000 shares (representing 0.54% of capital) to zero shares (0%).

The company emphasized that the distribution was made from existing treasury shares without issuing new shares or selling any of the company's holdings. It further noted that this action will not result in any dilution for current shareholders or have any material financial impact.

According to Argaam data, First Mills’ board had previously recommended the buyback of up to 300,000 shares to be held as treasury shares and allocated for the LTIP, funded through the company's internal resources.