Qomel Co. said on Thursday that its Board of Directors has recommended the Extraordinary General Assembly approve the repurchase of up to 20,000 shares, equivalent to 0.286% of the company’s issued shares, to be held as treasury stock.
The company plans to allocate the repurchased shares at a later stage under its Employee Stock Program (Long-Term Incentive Plan).
Qomel confirmed that the transaction will be carried out in accordance with relevant regulations issued by the Capital Market Authority (CMA), ensuring that the repurchase does not affect the minimum public ownership requirement for listed companies.
The buyback will be financed through internal resources, including the company’s available cash or existing credit facilities.
The repurchase remains subject to the approval of the Extraordinary General Assembly and compliance with the financial solvency criteria outlined in the Implementing Regulations of the Companies Law.
