First Mills shareholders OK 300,000 share buyback for employee share scheme

Logo of First Mills

First Milling Co.’s (First Mills) shareholders approved the buyback of 300,000 shares maximum  to be allocated for the employee share scheme, during the extraordinary general meeting (EGM), held on Jan. 10, according to a statement to Tadawul.  

The share repurchase was financed through the company’s cash balance, and the board of directors will be authorized to finalize the buyback within 12 months maximum from the EGM date.  

These shares will be retained for a maximum of 10 years from the meeting date and then the company will follow the applied measures and regulations set in this regard.   

Shareholders also approved the employee share scheme, authorizing the board to set the terms of this program, including the allocation price, if any, for each offered share.    

Additionally, the board of directors was authorized to distribute interim dividends on a semi-annual or quarterly basis for 2024.   

Moreover, shareholders approved amending Article (3) of company’s bylaws related to its purposes, adding new business activities, namely, wholesale of food, beverages, land transport of commodities, office main activities, and rent of equipment, and machinery.