“ACWA Power”: Recommendation to buy back 1.19 million shares as part of the employee incentive program
Recommended by the board of directors of the company "Aqua Power"In its meeting held on January 22, the company purchased 1.19 million shares of the company’s common stock, for the purpose of keeping them as treasury shares within the framework of the long-term employee incentive program.
The company explained in a statement: "Saudi Arabia trading"Today, Sunday, the percentage of treasury shares currently held by the company out of the total class of shares subject to purchase is 0.11%, indicating that the purchase process is financed from its own sources.
The decision will be voted on by the extraordinary general assembly, which will be announced later, in accordance with the requirements of Paragraph 4 of Article 17 of the executive regulations of the corporate system for listed joint-stock companies, provided that all approvals are completed by the general assembly in accordance with the relevant regulations.
And after the company fulfills the conditions. The financial solvency mentioned in Paragraph 3 of Article 17 of the Executive Regulations of the Companies Law for Listed Joint Stock Companies.
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