Alwasail Industrial shareholders approve 500K share buyback for employee incentive program

Logo of Alwasail Industrial Co.

Alwasail Industrial Co.’s shareholders approved, on Jan. 29, repurchasing a maximum of 500,000 shares of the company’s shares to allocate them to the employee incentive program, during an extraordinary general meeting (EGM).

The shareholders also authorized the board of directors to complete the repurchase process within 12 months of the EGM decision. The stock repurchase will be financed from the company's available cash, the company said in a statement to Tadawul.

Alwasail Industrial intends to hold the repurchased shares for a period not exceeding five years from the date of EGM’s approval until they are allocated to eligible employees. After this period, the company will adhere to the procedures and regulations outlined in the relevant systems and laws, the statement added.

Additionally, the EGM approved the employee stock incentive program, granting authority to the board of directors to define the terms of this program, including the allocation price per share offered to employees if fees apply.