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United International Transportation Co. (Budget Saudi) Announces Its Intention to Purchase its Shares
4260
BUDGET SAUDI
0.17
%
1444/01/02 31/07/2022 07:19:03
| Element List | Explanation |
|---|---|
| Introduction | United International Transportation Company (Budget Saudi) announces its Board of Director’s resolution to recommend to the Extraordinary General Assembly to approve the purchase of its shares for the purpose of keeping them as treasury shares, with a maximum number of 7,116,666 million shares, provided that it does not exceed 10% of the issued shares. |
| Board Approval's Date | 2022-07-28 Corresponding to 1443-12-29 |
| Purpose of Purchase | The purpose of the purchase is to keep them as treasury shares |
| Purpose of Purchase (If the Purpose to Keep the Shares as Treasury Shares) | If the Board of Directors or its authorized representative finds that the share price in the market is less than its fair value |
| Number of Shares to be Bought | 7116666 |
| Shares Class | Ordinary Shares |
| Method of Financing the Purchasing Process | The purchase of shares will be financed by the company's own resources using its cash or credit facilities |
| Current Percentage of the Treasury Shares at the Company out of the Total Class of Shares Purchased | The company does not currently have any treasury shares |
| Approvals and Meeting the Conditions of Financial Appropriateness | This recommendation will be presented to the company's Extraordinary General Assembly to obtain its approval for the purchase process, also the company will be required to fulfil the financial solvency conditions mentioned in the third paragraph of Article twelve of the Regulatory Rules and Procedures issued pursuant to the Companies Law relating to Listed Joint Stock Companies. |
| Voting Right | Purchased shares will have no voting rights at the general assembly meetings |
| Additional Information | The company will meet all the conditions of financial solvency mentioned in the third paragraph of Article twelve of the Regulatory Rules and Procedures issued pursuant to the Companies Law relating to Listed Joint Stock Companies., and a report issued by the company’s external auditor will be submitted, according to the requirements of this paragraph, with the attachments of the invitation to the Extraordinary General Assembly. |
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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