Bawan shareholders approve buyback of 3 mln treasury shares

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Bawan Co.’s shareholders approved repurchasing three million shares to retain as treasury shares, during the extraordinary general meeting (EGM) held on Sept. 19, the company said in a statement to Tadawul.

The board of directors or whoever it delegates considers that the stock market price is lower than its fair value. The buyback will be financed by the company's own resources through its cash or credit facilities. The board will be authorized to execute the repurchase within a maximum period of 12 months from the EGM date.

The company will retain the repurchased shares for five years maximum from the EGM approval date. After the expiry of this period, Bawan will follow the procedures stipulated in the relevant laws and regulations.

Shareholders also elected board members for the next three-year term, starting Sept. 26, 2022.The elected members are Abdullah Al-Fozan, Faisal Al-Muhaideb, Fozan Al-Fozan, Raed Al-Mudaiheem, Mohammad Al-Ageel, Raed Al-Mazrooa, Khalid Al-Gwaiz, Abdulkarim Al-Nafea and Abdullah Al-Rowais.

The audit committee formation, its work regulations and member remuneration were also approved for the same term. The committee candidates are Abdullah Al-Rowais, Abdullah Al-Hussaini and Khenneth Ebrahim (independent members).