Almarai Intends to Purchase 10 Million Treasury Shares Under Its Long-Term Employee Incentive Program

Almarai announced that its Board of Directors has recommended the purchase of a portion of its shares to be held as treasury shares as part of the company’s long-term employee incentive program.

In a statement published today on Saudi Exchange (Tadawul), the company stated that it intends to purchase 10 million shares, noting that the transaction will be financed through its internal resources.
The company also indicated that treasury shares currently represent approximately 0.9% of the total class of shares subject to the proposed purchase.

The recommendation will be submitted for approval at the upcoming Extraordinary General Assembly meeting, which will be announced at a later date, in accordance with Article 17 (Paragraph 4) of the Implementing Regulations of the Companies Law for listed joint-stock companies. The company will proceed after fulfilling all financial solvency requirements stipulated in Paragraph 3 of the same Article. A report issued by the company’s external auditor will also be provided in line with regulatory requirements.

The company confirmed that the repurchased shares will not carry voting rights at shareholders’ general assemblies and will not be entitled to dividends for as long as they are held as treasury shares.