Saudi Arabian mining company Maaden has announced its intention to purchase 2.17 million shares of its shares.
The company said in a statement to Tadawul Saudi Arabia today Thursday that the purpose of the purchase is to keep them as treasury shares to funnel them into a long-term employee incentive program.
She explained that the financing of the purchase is carried out at the expense of the company’s own sources.
She added that the approval of the Extraordinary General Meeting would be taken at its next meeting regarding the purchase process as required by paragraph (4) of section (17) of the Companies Law Enforcement Regulations for Registered Joint Stock Companies. .
And she continued: “The conditions of financial solvency referred to in paragraph (3) of Article (17) of the same rules will be met in accordance with the solvency report to be issued by the auditor of the company and attached to the invitation to the extraordinary general meeting. who will approve this process in accordance with the system.”
It states that the acquired shares will not have the right to vote at general meetings of shareholders of the company.
