Savola plans buyback of 1.2 mln shares

A Savola Group building 

Savola Group’s board of directors approved on March 3, 2021, the repurchase of 1.2 million shares and retain them as treasury shares under the Employees Long Term Incentive Program (LTIP), the company said today in a statement to Tadawul.

The repurchase process will be funded by the company’s own resources. The treasury shares represent 0.064% of the total class of repurchased shares. They also account for 0.22% of Savola’s total shares.

Retaining the treasury shares under the Employees LTIP aims to attract and motivate cadres to strengthen the company’s performance and achieve its objectives, Savola added.

The repurchased shares will have no voting rights in the general assembly meetings.

The repurchase deal is subject to the approval of the extraordinary general assembly, Savola noted.

In September 2020, the edible oil producer completed the buyback of 341,675 shares for the purpose of the LTIP, Argaam reported.