ACWA Power shareholders OK 8.3% dividend for 2022, 2 mln share buyback

ACWA Power shareholders approved the board of directors’ recommendation to distribute an 8.3% cash dividend, or SAR 0.83 per share, for 2022, during the extraordinary general meeting (EGM) held on June 22.

They also approved the buyback of two million shares, to be allocated for the employee stock incentive program. The buyback will be financed from the company's own resources, the utility said in a statement to Tadawul.

The board of directors was also delegated to complete the buyback within 12 months from the EGM date.

The repurchased shares will be kept no longer than seven years from the date of the EGM approval until they are allocated to eligible employees. Following the expiry of this period, the company will follow the controls and conditions stipulated in the relevant regulatory standards and procedures.

The board was also delegated to pay interim dividends on a semiannual or quarterly basis for 2023 and determine the record and payment dates, in line with the company's financial position, cash flows as well as investment and expansion plans. 

Moreover, shareholders will mandate the board to pay interim dividends semiannually or quarterly for 2023. They will also determine the record and payment dates, in line with the company's financial position, cash flows as well as investment and expansion plans.