BinDawood Holding intends to purchase 2 mln shares of its stock, keep them as treasury shares

BinDawood Holding Company announced on Tuesday the Board of Directors’ resolution through circulation to recommend to the Extraordinary General Assembly to purchase a number of the company’s shares with a maximum (2,000,000) shares (0.175%) of the company’s ordinary shares and keeping the shares as treasury stocks in order to allocate it to the long-term employee incentive program.
– The approval of the Extraordinary General Assembly (EGA) shall be obtained in the next EGA meeting for the purchase of the shares as per the requirements of sub-article (4) of Article (17) of the Implementing Regulations of the Company Law for Listed Joint Stock Companies.
– The Company will also stick to the conditions of solvency requirements as set out in sub-article (3) of article (17) of the Implementing Regulations based on a Solvency Report that will be issued by the Company’s external auditors, which will be attached along with the EGA invitation that will approve this transaction as per the regulation.
The Company explained that the Shares that the Company buys back shall not have voting rights in the shareholder’s Assemblies.