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Savola Group announces its determination to buy-back its shares for the Employees Long Term Incentive Program (LTIP)
| Element List | Explanation |
|---|---|
| Introduction | Savola Group announces its determination to buy back certain amount of its shares to retain them as Treasury Shares under the Employees Long Term Incentive Program (LTIP) for the executives of Savola Group and its subsidiaries based on the Board of Directors approval to complete the required procedures of the three upcoming tranches that will be awarded on annual basis for the next three years, in line with the approved program scope and terms which was first launched in 2020. |
| Board Approval's Date | 2023-02-07 Corresponding to 1444-07-16 |
| Purpose of Purchase | To retain them as Treasury Shares under the LTIP |
| Purpose of Purchase (If the Purpose to Keep the Shares as Treasury Shares) | To retain them as Treasury Shares under LTIP which aims to attract and retain outstanding talent and to motivate them to further strengthen their performance to achieve Savola Group objectives. |
| Number of Shares to be Bought | 2500000 |
| Shares Class | Ordinary shares |
| Method of Financing the Purchasing Process | The purchase of these shares will be funded through the company internal resources |
| Current Percentage of the Treasury Shares at the Company out of the Total Class of Shares Purchased | 0.25% |
| Approvals and Meeting the Conditions of Financial Appropriateness | a) It should be noted that the approval of the Extraordinary General Assembly shall be obtained in the nearest meeting for the shares buy back as per the requirements of sub-article (4) of Article (17) of the Implementing Regulations of the Company law for Listed Joint Stock Companies. b) The Company will also satisfy the conditions of solvency requirements as set out in sub-article (3) of article (17) of the Implementing Regulation based on a Solvency report that will be issued by the Company’s external auditors, which will be attached along with the EGM invitation that will approve this transaction as per regulation. |
| Voting Right | The Shares that Company buys-back shall not have voting rights in the shareholders Assemblies. |
| Additional Information | The shares that will be bought -back after obtaining EGM approval represent 0.47 % of the total shares of Savola Group. It is worth noting that the Group has launched this program in 2020 and the Group currently owns 1,309,946 shares which are allocated to eligible employees according to the approved criteria for the program. |
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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