Alwasail Industrial shareholders to vote on 500,000 share buyback on Jan. 29

Logo of Alwasail Industrial Co.

Alwasail Industrial Co.’s shareholders will vote on Jan. 29 on the employee stock program and on authorizing the board of directors to determine the terms of this program, including the allocation price, if any, for each offered share.

Shareholders will also vote on the buyback of 500,000 shares maximum to be allocated for the employee stock program, according to a statement to Tadawul.

The repurchase will be financed from the company’s available cash, and the board will be authorized to finalize the repurchase process within 12 months maximum from the EGM date, the statement added.

The repurchased shares will be retained for a period not exceeding five years from the EGM date. After the expiration of this period, the company will follow the procedures and controls stipulated in the relevant laws and regulations.