Savola repurchases 638,000 shares at SAR 33.59 each in second phase

Savola Group building

Savola Group completed the second phase of its share buyback on Feb. 10, with the repurchase of 637,955 shares, the edible oils producer said in a statement to Tadawul.

The required number of the shares were repurchased to cover the third tranche of the Employees Long-Term Incentive Program (LTIP), in accordance with the approved program criteria and terms.

Average purchase price per share was SAR 33.59, with total value of SAR 21.43 million.

The total number of shares bought back in the first and second phases stood at 987,031 out of 1.2 million shares – which is the maximum limit approved for buyback by the extraordinary general assembly meeting (EGM).

The move is part of the group’s efforts to attract and retain key talents and motivate their performance to achieve the group’s strategic objectives.

In April, Savola’s shareholders approved the share buyback of 1.2 million ordinary shares, which will be retained by the company as treasury shares to cover the new shares required for the second and third tranches of LTIP, according to data compiled by Argaam.

On Sept. 9, the company completed the first phase of the repurchase, buying back 349,100 shares for SAR 13.92 million, at an average price of SAR 39.89 per share.