ACWA Power shareholders to discuss 8.3% dividend, 2 mln share buyback on June 22

ACWA Power will convene its extraordinary general meeting (EGM) on June 22, to vote on the board of directors’ recommendation to distribute an 8.3% cash dividend, or SAR 0.83 per share, for 2022, according to Tadawul statement.

Meanwhile, shareholders will vote on the repurchase of two million shares, to be allocated for the employee stock incentive program. The buyback will be financed from the company's own resources.

In addition, they will mandate the board of directors 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.

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.