Savola completes buyback of 349,100 shares at SAR 39.89 each in first tranche

Savola Group building

Savola Group announced the completion of the first tranche of its share buyback on Sept. 9. 

The company said in a bourse filing that the required number of the shares were repurchased to cover the second tranche of the Employees Long-Term Incentive Program (LTIP) in accordance with the approved program criteria and terms. 

The edible oil producer repurchased 349,100 out of 1.2 million shares at SAR 39.89 each for a total value of SAR 13.92 million. The total number of shares represents the maximum limit approved for buyback by the extraordinary general assembly meeting (EGM).  

The company will later consider the remaining shares that are held as treasury shares to be allocated for the third tranche of the program before the lapse of the 12-month period granted by the EGM to complete the buyback from April 28, 2021. 

This comes as part of the group’s efforts to attract and retain key talents and motivate their performance to achieve the group’s strategic objectives. 

In April, Savola’s shareholders approved the share buyback of 1.2 million ordinary shares, which will be retained by the company as treasury shares to cover the new shares required for the second and third tranches of LTIP, according to data compiled by Argaam.