ACC’s BOD Recommends Buying Back 150,000 Shares as Treasury Stock

Arabian Cement Co. (ACC) announced on Monday that its Board of Directors recommended a share buy-back of up to 150,000 shares, or 0.15% of its ordinary shares, to be retained as treasury stock under a long-term employee incentives program (LTIP) aimed at attracting and retaining distinguished talent.

The Company stated that the proposal will be voted on at an Extraordinary General Assembly Meeting, which will be announced later, in accordance with Paragraph Four of Article Seventeen of the Executive Regulations of the Companies Law for Listed Joint Stock Companies, and after meeting the financial solvency requirements set forth in Paragraph Three of the same Article.

The shares would be purchased within 12 months from the date of the Extraordinary General Assembly’s approval, if granted, and retained for no more than five years.

Arabian Cement also stated that the board recommended transferring the company’s statutory and general reserves, amounting to SAR 500 million and SAR 95 million respectively as per the December 31, 2024 budget, to retained earnings.