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BinDawood Holding Company announces Its determination to buy-back its shares
| Element List | Explanation |
|---|---|
| Introduction | BinDawood Holding Company announces that the Board of Directors resolution through circulation to recommend to the Extraordinary General Assembly to purchase number of the company's shares with a maximum (2,000,000) shares (0.175%) of the company's ordinary shares and keeping the shares as treasury stocks in order to allocate it to the long-term employee incentive program. |
| Board of director’s recommendation date | 2024-01-08 Corresponding to 1445-06-26 |
| Purpose of Purchase | To retain them as treasury shares. |
| Purpose of Purchase (If the Purpose to Keep the Shares as Treasury Shares) | To retain them as Treasury Shares for Employee Shares long-term Incentive Program, which supports the company strategic objectives to motivate the employees and attract the best competencies. |
| Number of Shares to be Bought | 2000000 |
| Shares Class and type | Ordinary shares |
| Method of Financing the Purchasing Process | Financing the Purchasing Process through The Company’s own resources. |
| Current Percentage of the Treasury Shares at the Company out of the Total Class of Shares Purchased | None |
| Approvals and Meeting the Conditions of Financial Appropriateness | - The approval of the Extraordinary General Assembly (EGA) shall be obtained in the next EGA meeting for the shares purchase as per the requirements of sub-article (4) of Article (17) of the Implementing Regulations of the Company Law for Listed Joint Stock Companies. - The Company will also stick to the conditions of solvency requirements as set out in sub-article (3) of article (17) of the Implementing Regulations based on a Solvency Report that will be issued by the Company’s external auditors, which will be attached along with the EGA invitation that will approve this transaction as per the regulation. |
| Voting Right | The Shares that the Company buys-back shall not have voting rights in the shareholders Assemblies. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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Last Price 6.35
Net Change -0.08 (-1.24%)
Value Traded (Sar) 13,226,013.62
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