Retal board OKs 2M share buyback for LTIP

Logo of Retal Urban Development Co.

Retal Urban Development Co.’s board of directors approved, on April 24, repurchasing two million shares maximum, to be retained as treasury shares and allocated for the employee long-term incentive program (LTIP).

The repurchased shares are ordinary shares and do not have voting rights in shareholder meetings. The buyback process will be financed from the company's own resources, Retal said in a statement to Tadawul.

The upcoming extraordinary general meeting (EGM), which will be announced later, will vote on this decision, after the company fulfils the conditions stipulated in Article 17 of the Companies Law applicable to listed joint-stock companies.

Additionally, a report will be issued by the company's external auditor in accordance with the requirements of this article.