Savola finalizes 2.18 mln share buyback for LTIP

Logo of Savola Group

Savola Group completed today, May 29, the buyback of 2.18 million shares to be allocated to the Employees’ Long-Term Incentive Program (LTIP), according to a Tadawul filing.

The repurchased shares were lower than the 2.5 million maximum share cap that was approved by the extraordinary general meeting (EGM).

The value of the repurchased shares amounted to SAR 80 million, while the average price reached SAR 36.34 per share, Savola said, noting that the entire process was finalized in a single stage.  

These shares will be allocated to the beneficiaries, as per the terms of the program, for a period of three years (or over three tranches), it explained.

This came in accordance with the program’s criteria and terms, based on the approval of Savola’s EGM that was held on May 10.

The move is part of the group’s efforts to attract and retain key talents and to motivate them to further strengthen their performance to achieve strategic objectives, it added.

Previously, Savola’s EGM approved the repurchase of up to 2.5 million shares, as treasury shares, to be allocated for the LTIP, according to Argaam's data.