Spimaco Addwaieh intends to purchase company’s shares at a maximum of 815 thousand share to allocate them under employees’ Incentive Scheme

Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO ADDWAIEH) announced the Board of Director’s recommendation to the Extraordinary General Assembly to purchase a number of the company’s shares with a maximum of (815,000) shares to allocate them under the long Incentive Scheme for the eligible employees.

The company stated on Sunday on Tadawul that the Extraordinary General Assembly’s consent shall be obtained for the Purchase.

In addition, the Company will also satisfy the conditions of solvency requirements as per Section (3) of Article (17) of the Implementing Regulation of the Companies Law for Listed Joint Stock Companies, which will be issued by the Company’s external auditors, which will be attached along with the Extraordinary General Assembly’s invitation that will approve this transaction as per the applicable regulation.

Noting that the Shares that Company buys-back shall not have voting rights in the shareholders Assemblies.

The shares that will be bought -back after obtaining EGM approval represent 0.68 % of the total shares of SPIMACO ADDWAEIH.