Nofoth intends to purchase 2.4 million shares from own shares, keep them as treasury shares

Nofoth Food Products Co. announced the issuance of its board of directors’ recommendation to purchase its shares to keep them as treasury shares with a maximum limit of 2.4 million shares.

The company declared that they will be kept as treasury shares, and the company has the right to allocate them within the employee stock programme, mortgage them, sell them as needed, and exchange them for acquisitions in accordance with the regulations of the Capital Market Authority, Tadawul, and other relevant regulations.

The Extraordinary General Assembly will vote on this resolution, which shall be announced later according to the requirements as provided in Paragraph Four (4) of Article Seventeen (17) of the Regulatory Standards and Procedures Issued Pursuant to the Companies Law shall be met.

Conditions of Financial Appropriateness as provided in Paragraph Three (3) of Article Seventeen (17) of the Regulatory Standards and Procedures Issued Pursuant to the Companies Law shall be fulfilled by virtue of the report to be issued by the Company’s auditor and attached to the invitation of the General Extraordinary Assembly the financial appropriateness report to be adopted as per the regulations.