First Mills plans 300,000 share buyback for employees’ incentive program

Logo of First Mills

First Milling Co.’s (First Mills) board of directors recommended, on Nov. 19, the purchase of up to 300,000 shares of its shares to be retained as treasury shares and allocated to the employees’ stock long-term incentive plan.

The purchase will be from the company's own cash resources, the company said in a statement to Tadawul.

The board’s recommendation will be presented to the extraordinary general assembly in its next meeting, which will be announced later according to the requirements of the 4th paragraph of Article 17 of the Implementing Regulation of the Companies Law for Listed Joint Stock Companies and after satisfying all solvency requirements by the company as mentioned in the 3rd paragraph of Article 17 of the Implementing Regulation of the Companies Law for Listed Joint Stock Companies.

Purchased shares will not have voting rights in the general assembly’s meetings, the statement added.