NADEC GA Approves Buyback of One Million Shares for Employee Incentive Plan

The National Agricultural Development Co. (NADEC) announced on Thursday the results of its 39th Extraordinary General Assembly (First Meeting). The voting results included that the Company approved the repurchase of up to 1,000,000 shares to be allocated to the Company’s employees as part of its long-term incentive plan.

According to the Company, the buyback will be funded from the Company’s own resources. The Board of Directors is authorised to complete the repurchase within (18) months from the date of the Assembly’s approval. The shares may be retained for up to (5) years from the date of approval, as a maximum, until the shares are allocated to eligible employees in accordance with the grant mechanism approved in the long-term incentive programme. After the expiry of this period, the Company will follow the procedures and controls stipulated in the relevant laws and regulations.