Maaden EGM to vote on 5.7M shares buyback on May 13

Saudi Arabian Mining Co. (Maaden) headquarters

Saudi Arabian Mining Co. (Maaden) shareholders will vote on the company’s repurchase of a maximum of 5.70 million shares for the purpose of allocating them to the employee stock incentive program in an extraordinary general assembly to be held on May 13, according to a statement to Tadawul.

The share repurchase will be financed through the company's own resources, the company said. It added that the board of directors will be authorized to complete the repurchase within a maximum period of 12 months from the EGM date.

The company may hold the purchased shares for a period not exceeding five years from the EGM date as a maximum until they are allocated to the employees' stock incentive program, and once the five-year period lapses, the company will follow the procedures and controls stipulated in the relevant laws and regulations.