BinDawood Holding plans to buyback 2M shares for employee incentive program

BinDawood Holding Co. headquarters

BinDawood Holding Co.’s board of directors recommended repurchasing a maximum of two million, or 0.175%, of the company’s ordinary shares to keep as treasury stocks, in order to allocate it to the long-term employee incentive program.

The program supports the company strategic objectives to motivate the employees and attract the best talents, BinDawood Holding said in a statement to Tadawul.

The repurchase would be financed through the company’s own resources, the statement noted.

Shareholders’ approval will be sought at the next extraordinary general meeting (EGM), as per the requirements of the applicable regulations.

BinDawood Holding will also fulfil to the conditions of solvency requirements as set out in the Implementing Regulations based on a Solvency Report, to be issued by the company’s external auditors and attached along with the EGM invitation.

The repurchased shares will not have voting rights at shareholder meetings.