SADAFCO shareholders ok 5-yr extension for treasury shares retention

Logo of Saudia Dairy and Foodstuff Co. (SADAFCO)

Saudia Dairy and Foodstuff Co.’s (SADAFCO) shareholders approved, during the extraordinary general meeting (EGM) on Feb. 28, the extension of the maximum duration within which the company is permitted to retain its 500,250 treasury shares as treasury shares.

The extension spans an additional five years, staring from Feb. 28.

Following the conclusion of this period, the company will adhere to the procedures and regulations outlined in the applicable laws, according to a statement to Tadawul.

SADAFCO emphasized that the approval for these shares was previously granted in the EGM decision issued on Dec. 18, 2018.

Moreover, the EGM also approved the election of board members for the upcoming term, spanning four years from April 1, 2024 to March 31, 2028. The elected members include Sheikh Hamad Al Sabah, Sheikh Sabah Al Sabah, Faisal Al Ayyar, Ihab Osman, Saied Basamh, Ahmed Al Marzouki, Mussad Al Nassar, Hani Saab, and Esam Al Thukair.