Retal shareholders nod to 2M share buyback for LTIP

Logo of Retal Urban Development Co.

Retal Urban Development Co.'s shareholders approved the repurchase of two million shares maximum to retain as treasury shares and allocate for the employee long-term incentive program (LTIP).

The approval was made during the extraordinary general meeting (EGM) held on June 27, according to a statement to Tadawul.

The repurchase will be financed from the company’s own resources, Retal said. It added that shareholders also delegated the board of directors to complete the process within a maximum period of 12 months from the EGM approval date.

The company may hold the repurchased shares for a period not exceeding three years from the approval date. Once the three-year period lapses, Retal will follow the procedures and controls stipulated in the relevant laws and regulations.

For more news on listed companies

In addition, shareholders authorized the board of directors to distribute interim dividends on a semi-annual or quarterly basis for 2024.

According to data available with Argaam, the company paid a semi-annual cash dividend at 32% of capital, or SAR 0.32 a share, totaling SAR 160 million for 2023.