Bawan Buys its Shares in order to keep them as treasury shares

Bawan Company announced on Tuesday 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 3 million shares, provided that it does not exceed 5% of the issued shares.

It added that Board approval’s date is 27.06.2022. The purpose of the purchase is to keep them as treasury shares.

It also added that the purchase of shares will be financed by the company’s own resources using its cash or credit facilities. The number of shares to be bought is           3000000 and the company does not currently have any treasury shares.

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.

The Purchased shares will have no voting rights at the general assembly meetings.

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.