Bawan shareholders approve 3 mln share buyback, 2021 interim dividends

Logo of Bawan

Bawan Co.'s shareholders approved repurchasing a maximum of three million shares, or no more than 5% of issued capital, during the extraordinary general meeting (EGM) held on June 10, 2021.

The treasury shares will be used in swap operations or asset acquisitions. The repurchase will be financed from the company’s resources.

Shareholders authorized the board or whoever the board delegates to execute the purchase within 12 months of the EGM approval date. The company might retain the treasury shares for a maximum period of five years without selling them.

Moreover, they also approved the board's decision on distributing dividends for H1 and H2 2020, at SAR 1 per share, or 10% of capital, at a total value reaching SAR 60 million.

Shareholders endorsed delegating the board of directors to distribute interim dividends on a semi-annual or quarterly basis for 2021, and to determine the due date and payment date in accordance with the regulatory rules and procedures issued in the Companies Law, in line with the company’s financial position, cash flow, expansion and investment plans.

Additionally, they also ratified the board and auditor reports, and financial statements for 2020, in addition to releasing the board members from liabilities for 2020.