The Saudi Arabian Mining Company “Ma’aden” announced its intention to purchase 2.17 million shares of its shares.
The company said in a statement on “Tadawul Saudi Arabia”, today, Thursday, that the purpose of the purchase is to keep them as treasury shares, in order to allocate them to the long-term employee incentive shares program.
She explained that the financing of the purchase is through the company’s own sources.
She added that the approval of the Extraordinary General Assembly will be taken at its nearest meeting on the purchase process in accordance with the requirements of Paragraph (4) of Article (17) of the Executive Regulations of the Companies Law for listed joint-stock companies.
And she continued: “The financial solvency conditions mentioned in paragraph (3) of Article (17) of the same regulations will be met according to the solvency report that will be issued by the company’s auditor and attached to the invitation of the extraordinary general assembly that will approve this process according to the system.”
It indicated that the shares to be purchased will not have the right to vote in the general assemblies of the company’s shareholders.
