Maaden plans 2.17 mln share buyback for employee stock incentive program

Logo of Saudi Arabian Mining Co.’s (Maaden)

Saudi Arabian Mining Co.’s (Maaden) announced today, May 4, its plan to repurchase of up to 2.17 million ordinary shares to allocate for the long-term Employee Stock Incentive Program, the company said in a statement to Tadawul.

The repurchase will be financed from Maaden’s own resources, the statement said, adding that the percentage of treasury shares currently held by the company, out of the total class of shares purchased, is zero.

The recommendation will be submitted to the upcoming extraordinary general meeting (EGM) for voting.

Maaden shall fulfill all the solvency requirements mentioned in the regulatory rules and procedures issued pursuant to Article 17 (4) of the Implementing Regulation of the Companies Law for Listed Joint-Stock Companies. A report from the bank’s auditor will be submitted as per the respective requirements.

The repurchased shares will have no voting rights in general assembly meetings.