Advanced shareholders ratify buyback of 650,700 shares for LTIP

Advanced Petrochemical Co.'s headquarters

Advanced Petrochemical Co.’s shareholders approved repurchasing a maximum of 650,700 shares to be allocated for the Employees Long-Term Incentive Program (LTIP), during the extraordinary general meeting (EGM) held on April 10.

The process will be financed from the company’s internal resources, according to a statement on Tadawul.

Shareholders also authorized the board to finalize the buyback within 12 months from the EGM date.

The repurchased shares will be kept no longer than 10 years from the date of the EGM approval until they are allocated to eligible employees.

Following the expiry of this period, Advanced will follow the controls and conditions stipulated in the regulatory standards and procedures issued under the Companies Law.

Meanwhile, shareholders authorized the board to distribute interim dividends on a quarterly or semi-annual basis 2023.

This is in accordance with the Implementing Regulation of the Companies Law for Listed Joint-Stock Companies which stipulates that dividends should bear the company’s financial position, cash flow, expansion and investment plans.

According to Argaam’s data, on March 30, Advanced's board recommended withholding dividends for Q1 2023 to focus on the company's future expansions and projects.