Advanced board recommends 650,700 treasury shares buyback

Advanced Petrochemical Co. headquarters

Advanced Petrochemical Co.’s board of directors recommended on March 15 the repurchase of up to 650,700 shares to allocate to the employee stock incentive program.

In a statement to Tadawul, the company pointed out that the transaction will be financed from Advanced internal resources, indicating that the repurchased shares are not entitled to vote in general meetings.

Moreover, the shares allocated to employee incentive plan will not be entitled to any dividends during the period the company holds them as treasury shares, the statement noted.

The recommendation is subject to the shareholders’ approval during the upcoming extraordinary general meeting (EGM).

In addition, the company has to fulfill all the solvency requirements, in line with the regulatory rules and procedures issued pursuant to Article 12 (3) Companies Law relating to Listed Joint Stock Companies.

Advanced shareholders approved during the EGM held on March 20, 2022, the buyback of 1.5 million shares. Only 849,300 shares have been repurchased up to date.

Therefore, the buyback recommended 650,700 shares will be within the maximum purchase limit of 1.5 million shares in the event that shareholders approved the board’s recommendation.