“Al Rawabi Development” recommends purchasing 500,000 shares and keeping them as treasury shares

Today, the Board of Directors of Enmaa Al Rawabi Company recommended starting the regulatory procedures in accordance with the regulations of the Capital Market Authority, Tadawul, and other relevant regulations, which enable the company to purchase a maximum of 500 thousand shares of its common stock for the purpose of keeping them as treasury shares.
The company noted in a statement that the Saudi Tadawul will vote on this decision by the next extraordinary general assembly, which will be announced later, with the aim of amending the articles of association and approving the purchase process, according to the requirements and fulfillment of all conditions contained in Article Seventeen of the executive regulations of the companies’ system for private companies. The listed contribution, and according to the financial solvency report that will be issued by the company’s auditor and attached to the invitation to the extraordinary general assembly that will approve this process according to the system.
She explained that the purpose of the purchase is to keep them as treasury shares to allocate them within the employee stock program, mortgage them, sell them as needed, and exchange them for acquisitions.
The company stated that these shares will be kept as treasury shares, and the company has the right to allocate them within the employee shares program, mortgage them, sell them as needed, and exchange them for acquisitions, in accordance with the regulations of the Capital Market Authority, Tadawul, and other relevant regulations.
She noted that the purchase was financed from the company’s own resources.