The Etmam General Assembly approves the purchase of 420,000 shares for the employee incentive program
The Extraordinary General Assembly (first meeting) of the company approved "Consultation completion"At its meeting held on June 8, 2026, the company agreed to purchase its shares, up to a maximum of 420,000 shares, and retain them as treasury shares for the purpose of allocating them to the employee stock program.
According to a statement on "Saudi Arabia trading"The purchase will be financed from the company’s own resources, and the Board of Directors is authorized to complete the purchase process within a maximum period of 18 months from the date of the extraordinary general assembly’s decision.
The statement added that the company will retain the purchased shares for a period not exceeding 5 years from the date of the extraordinary general assembly’s approval as a maximum until they are allocated to eligible employees, and after the expiry of this period the company will follow the procedures and controls stipulated in the relevant laws and regulations in the event that Article Twelve is approved.
The General Assembly approved the shares program allocated to employees, approved by the company’s Board of Directors on 11-27-1447 AH corresponding to 05-14-2026 AD, and authorized 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 consideration, based on Article Twenty-Nine (shares allocated to employees) of the executive regulations for the companies’ system for listed joint stock companies.
The meeting witnessed the approval of transferring the remaining amount of The proceeds of the offering will be used as working capital for the company, in addition to approving a number of amendments and standards for committees and company policies.
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