Astra board recommends 300,000 share buyback for employee incentive program

Logo of Astra Industrial Group

Astra Industrial Group’s board of directors recommended, on May 8, buying back up to 300,000 shares to be held as treasury shares, constituting no more than 0.375% of the total issued shares, to allocate them to the Employee Stock Incentive Program (ESIP).

The repurchase will be from the company's cash resources and credit facilities, Astra said in a statement to Tadawul.

The decision will be voted on by the extraordinary general meeting (EGM), whose date has yet to be set, in accordance with the requirements of the fourth paragraph of Article 17 of the Executive Regulations of the Companies Law for Listed Joint-Stock Companies, and after the company meets the financial solvency conditions stipulated in the third paragraph of Article 17 of the Executive Regulations of the same law.

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