Alwasail Industrial Extraordinary General Assembly approves employee stock program

The Board of Directors of Alwasail Industrial Co. announced on Tuesday the approval of the 8th Extraordinary General Assembly (first meeting) on Monday 29-01-2024, on the employee stock program, and delegating the Board of Directors to determine the conditions of this program, including the allocation price for each share before the employees if it is in return.

According to the Company statement on Tadawul, the company the company’s purchase of a number of its shares, with a maximum of (500,000) shares, with the aim of allocating them to the company’s employees within the employee stock program. The purchase process will be financed from the company’s available cash.

The Board of Directors is authorized to complete the purchase process within a maximum period of twelve months from the date of the Extraordinary General Assembly’s decision.

The company will retain the purchased shares for a period not exceeding (5) years from the date of the extraordinary general assembly’s approval as a maximum until they are allocated to eligible employees. After the expiration of this period, the company will follow the procedures and controls stipulated in the relevant laws and regulations.