Saudi Ceramics completes 286,000 share buyback for ESIP

Logo of Saudi Ceramic Co. (Saudi Ceramics)

Saudi Ceramic Co. (Saudi Ceramics) completed the repurchase of nearly 285,980 of its shares allocated for the Employee Stock Incentive Program (ESIP), following the approval of the extraordinary general meeting (EGM) in June.

 

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In a statement to Tadawul today, Sept. 4, the company said the 285,980 shares, worth SAR 8.66 million, were repurchased at an average price of SAR 30.29 apiece.

 

The buyback took not more than 12 months from the date of EGM approval.
 
According to data available on Argaam, Saudi Ceramics' shareholders approved in June the repurchase of up to 320,000 existing shares, to be earmarked for the ESIP and to be self-financed.
 
The company will retain the repurchased shares for a maximum of three years from the date of the EGM's approval, to be allocated to eligible employees.

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