First Mills buys back 300,000 shares worth SAR 25.4M for employee scheme

Logo of First Milling Co. (First Mills)

First Milling Company (First Mills) completed the buyback of 300,000 shares (representing 0.54% of its shares) to be allocated for the employee share scheme.

According to a statement on Tadawul, the repurchase is valued at SAR 25.36 million with the average purchase price of SAR 84.54 per share.

The statement indicated that these shares would not be entitled to any dividends during the company’s holding period and that the repurchased shares would not have the right to vote in shareholder meetings.

This step comes as part of the company's efforts to attract distinguished talents and cadres, retain them, and motivate them for greater performance, which contributes to achieving its strategic objectives.

The company did not expect any material impact on the financial statements as a result of the share repurchase.

In January, shareholders approved the buyback of 300,000 shares maximum to be allocated for the employee share scheme, during an extraordinary general meeting (EGM).

The share repurchase was financed through the company’s cash balance, and the board of directors authorized to finalize the buyback within 12 months maximum from the EGM date, Argaam earlier reported.