Leejam plans to repurchase 200,000 share for employees’ incentive program

A branch of Leejam Sports

Leejam Sports Co.’s (Fitness Time) board of directors recommended, on March 14, the repurchase of up to 200,000 of its shares to allocate to the employees’ stock long-term incentive program.

The repurchase will be from Leejam’s own resources, the company said in a statement to Tadawul.

Leejam does not currently hold any percentage of treasury shares out of the total class of buy-back shares.

The board’s recommendation will be presented to the shareholders at the next extraordinary general meeting (EGM), the date for which will be announced later.

The conditions for financial solvency will also be met, according to a report that will be issued by the company’s external auditor, and attached to the invitation to the EGM that will vote on this resolution.

Purchased shares will not have voting rights at shareholders’ meetings, the statement added.