Aqua’s general assembly approves 1.19 million shares for the “employee program”
ACWA Power announced the results of the extraordinary general assembly meeting (first meeting) held yesterday, Monday.
The company said in a statement on its website "Saudi Arabia trading"The results of the vote on the assembly’s agenda included: approving the company’s purchase of its shares, up to a maximum of (1,190,000) shares of its stock, with the aim of allocating them to the company’s employees within the employee stock incentive program.
It noted the financing of the purchase through the company’s own resources, and authorized the Board of Directors to complete the purchase within a maximum period of 18 months from the date of the extraordinary general assembly’s decision.
The company will retain the purchased shares for a period not exceeding 7 years. A maximum of the date of the Assembly’s approval until it is allocated to the employee stock program.
After the expiration of this period, the company will follow the procedures and controls stipulated in the relevant articles, and authorize the Board of Directors to determine the terms of this program, including the allocation price for each share offered to employees if it is for a fee.
The results included: amending, deleting and adding articles from the company’s bylaws, and appointing an auditor.
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