The Savola General Assembly approves the purchase of 2.8 million shares within the “Employee Program”
Savola Group announced the results of the Extraordinary General Assembly Meeting No. (37), which was held last Thursday.
According to the company’s statement on the website "Saudi Arabia trading" The results of the vote on the assembly’s agenda included: approving the company’s purchase of 2.8 million shares of its stock for the purpose of allocating them to the company’s employees within the employee stock program.
It noted the financing of the purchase through the company’s own resources, and authorized the Board of Directors to complete the purchase process within a maximum period of 12 months from the date of the extraordinary general assembly’s decision.
The company will retain the purchased shares for a maximum of 5 years from the date of the extraordinary general assembly’s approval until they are allocated to eligible employees.
After the expiration of the period, the group follows the procedures and controls stipulated in the relevant laws and regulations.
Note that this program is a continuation of the current program, the conditions and standards of which were determined by the Board of Directors and the Assembly’s approval for it was obtained on April 29, 2020.
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