Savola plans buyback of 700,000 shares

Savola Group’s board of directors approved on Jan. 29 to repurchase 700,000 shares and retain them as treasury shares under the Employees Long Term Incentive Program (LTIP), the company said today in a statement to Tadawul.

These shares represent 0.13% of Savola’s total shares and will be funded by the company’s own resources.

Retaining the treasury shares under the Employees LTIP aims to attract and motivate cadres to achieve the company’s objectives, Savola added.

The repurchase deal is subject to the approval of the extraordinary general assembly, Savola noted, adding that repurchased shares have no voting rights.