Najran Cement BOD Recommends Buy-Back of 17 Million Shares as Treasury Shares

Najran Cement Company announced on Thursday that its Board of Directors has recommended a buy-back of up to 17 million shares, which will be retained as treasury shares.

In a statement made today on Tadawul, the company indicated that approval from the Extraordinary General Assembly (EGA) will be required for this share buy-back transaction, in accordance with the stipulations outlined in paragraph (4) of Article (17) of the Implementing Regulations of the Company Law for Listed Joint Stock Companies. Additionally, the company will fulfill the solvency requirements set forth in paragraph (3) of Article (17) of the same regulations, based on a Solvency Report to be issued by the company’s external auditors. This report will be included with the EGA invitation to secure approval for the transaction.