BinDawood Holding shareholders to discuss 2M share buyback on March 31

BinDawood Holding Co. headquarters

Shareholders of BinDawood Holding Co. will vote, during an extraordinary general meeting (EGM) to be held on March 31, on the purchase of a maximum of two million company shares to allocate them to the employee share ownership program, the company said in a statement to Tadawul.

The purchase will be financed through the company’s own resources, the statement pointed out, adding that the board is authorized to complete the purchase within a period of 12 months from the date of the EGM approval.

The statement highlighted that the repurchased shares will not be kept for more than 10 years from the date of EGM approval until allocation. Once the period lapses, the company will follow the rules and procedures stipulated in the relevant laws and regulations.

The EGM will also vote on the employee share program and authorizing the board to decide on the conditions of the program, including the allocation price for each share offered to employees, if the shares are offered in exchange for consideration, the statement noted.

According to data available with Argaam, the board recommended in February repurchasing a maximum of two million, or 0.175%, of the company’s ordinary shares to support the company’s strategic objectives to motivate the employees and attract the best talents.