“Nadak” recommends buying a million shares for the long -term incentive program

The Board of Directors of the National Agricultural Development Company (Nadak) recommended, last Thursday, to the extraordinary general assembly to purchase a number of the company’s shares and a maximum of (1,000,000) by (0.33 %) of the company’s regular shares and keeping them in treasury stocks in order to allocate them to the long -term incentive program.
In a statement, the company noted the circulation of Saudi Arabia, to buy shares within a period not exceeding (18) months from the date of the unusual general assembly decision in the event of approval, provided that the company retains the shares purchased for a period not exceeding five (5) years from the date of the approval of the extraordinary general assembly in accordance with the grant mechanism approved in the long -term incentive program.
It reported the financing of the purchase from the company’s self -resources.
The percentage of treasury shares at the company is currently in the total purchase shares category.
She noted the approval of the extraordinary general assembly at its nearest meeting on the purchase process in accordance with the requirements of paragraph (4) of Article (17) of the executive regulations of the system of companies for the joint stock companies.
According to the company, the terms of the financial solvency stated in paragraph (3) of Article (17) of the same regulation are fulfilled by the financial solvency report that will be issued by the company’s account references and attach it to the invitation of the extraordinary general assembly that will be approved by this process according to the system.
The shares purchased from the company will not have the right to vote in shareholders ’associations.