Enma AlRawabi shareholders OK 500,000 share buyback

Logo of Enma AlRawabi Co.

Enma AlRawabi Co.’s shareholders approved the repurchase of 500,000 treasury shares for allocation under the employee stock program during the extraordinary general meeting (EGM) held on June 3.

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The funding will be sourced from the company’s own resources, according to a Tadawul statement.

The approval included authorizing the board of directors to complete the purchase in multiple phases within a maximum period of 12 months from the date of the shareholders’ approval.

The purchased shares will be held for up to five years, after which the company will adhere to the applicable procedures and regulations.

Shareholders also approved the establishment of an employee stock program and delegated the authority to the board to determine its terms, including the offering price for each share allocated to employees, if applicable.

They also approved the election of board members for a four-year term starting June 3, 2025. The eight members elected are Fahad Almousa, Abdulaziz bin Ibrahim, Saad Almousa, Abdullah Alshaikh, Abdulaziz bin Hamad Mohammed Almousa, Ahmed Almousa, Mohammed Almousa, Anas Almousa and Ali Almubarak.

Shareholders further authorized the board to distribute interim dividends on a semi-annual or quarterly basis for 2025.

Lastly, they approved an amendment to Article 3 of the company’s Articles of Association related to its objectives.