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AlWasail Industrial announced the approval of the Board of Directors to purchase a number of company shares, up to a maximum of 500,000 shares, for the purpose of allocating them to the employee stock program.
The company said in a statement today on “Tadawul” that the purchase of shares will be financed from self-resources
It explained that the decision will be voted on by the next extraordinary general assembly, which will be announced later, in accordance with the requirements of Paragraph Four of Article Seventeen of the Executive Regulations of the Companies Law for Listed Joint Stock Companies, and after the company meets the financial suitability conditions mentioned in Paragraph The third of Article Seventeen of the Executive Regulations of the Companies System for Listed Joint Stock Companies. A report issued by the chartered accountant will also be submitted in accordance with the requirements of this paragraph indicating that the shares that will be purchased will not have the right to vote in the general assemblies of shareholders.