Alwasail board OKs 500,000 share buyback for employees’ incentive program

Logo of Alwasail Industrial Co.

Alwasail Industrial Co.’s board of directors agreed on Nov. 20 on the buyback of up to 500,000 shares for its employees’ stock incentive program.

The repurchase will be self-funded. Such shares will not have voting rights in shareholders’ general meetings, the company said in a Tadawul statement today, Nov. 21.

The decision awaits voting at the extraordinary general assembly (EGM), the date of which will be announced later as per the Executive Regulations of the Companies Law. This shall be preceded by Alwasail’s fulfillment of the financial solvency conditions of Article 17 of these regulations, paired with the chartered auditor's report.