Maaden shareholders OK 5.69M treasury share buyback

Saudi Arabian Mining Co. (Maaden) headquarters

Saudi Arabian Mining Co. (Maaden) shareholders approved the buyback of 5.69 million ordinary shares during the extraordinary general meeting (EGM) held on May 13. The repurchased shares will be allocated to the long-term employee stock incentive program.

According to a statement to Tadawul, the repurchase will be financed through the company's own resources. The board of directors will be authorized to complete the repurchase within a maximum of 12 months from the EGM date.

The company may hold the purchased shares for a period not exceeding five years from the EGM date as a maximum until they are allocated to the employees' stock incentive program, the statement noted, adding that once the five-year period lapses, the company will follow the procedures and controls stipulated in the relevant laws and regulations.

Moreover, shareholders further approved the disbursement of SAR 4.48 million as bonuses and remuneration to members of the board and its committees for the financial year ended on Dec. 31, 2023.