Bawan plans buyback of 3 mln shares

Bawan Co.’s board of directors recommended today, Oct. 25, repurchasing a maximum of 3 million of its shares, or no more than 5% of issued capital, to be retained as treasury shares, the company said in a statement to Tadawul on Sunday.

The treasury shares will be used in swap operations or asset acquisitions.

The repurchased shares do not have any voting rights in the general meetings, the statement said, adding the company does not currently hold any treasury shares.

The repurchase will be financed from the company’s resources and is pending the approval of the extraordinary general meeting. In addition, it is conditional on fulfilling the financial solvency requirements stated in Article 12(3) of the Corporate Regulations.

The company will also submit the external auditor’s report as per the provisions of the above article, the statement said.