First Mills intends to purchase several own shares, allocate them to employee Stock Incentive Plan

The First Milling Co. announced on Monday the Board of Directors’ recommendation to purchase its shares with a maximum of 300,000 shares to retain them as treasury shares and allocate them to the Employees’ Stock Long-term Incentive Plan, the purchase will be from the Company’s own cash resources.

The Company said that the Board’s recommendation will be presented to the Extraordinary General Assembly in its next meeting, which will be announced later according to the requirements of the 4th paragraph of Article 17 of the Implementing Regulation of the Companies Law for Listed Joint Stock Companies. After satisfying all solvency requirements by the Company as mentioned in the 3rd paragraph of Article 17 of the Implementing Regulation of the Companies Law for Listed Joint Stock Companies, similarly, a report issued by the Company’s auditor will be presented by the Company in accordance with the requirements of this paragraph.

The Company confirmed that the purchased Shares Shall not have Voting Rights in the General Assembly’s Meetings.