BinDawood Holding shareholders approve 2M share buyback

Logo of BinDawood Holding Co.

BinDawood Holding Co.’s shareholders approved the buyback of two million shares maximum to be allocated for the employee stock incentive program, during the extraordinary general meeting (EGM) held on March 31, according to a statement to Tadawul.  

The share repurchase will be financed via the company’s internal resources and the board was authorized to finalize the share buyback in 12 months maximum from the general meeting date.

The board will also determine the terms of the employee stock incentive program, including the allocation price for each share offered to employees if the shares are offered in exchange for consideration.