Academy of Learning board recommends 800,000 share buyback

Logo of Academy of Learning Co. (AOL)

Academy of Learning Co.’s (AOL) board of directors recommended, on Sept. 30, buying back up to 800,000 of the company’s shares, the company said in a statement to Tadawul.

AOL intends to hold the shares as treasury stocks in order to allocate it to the long-term employee incentive program.

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The repurchase aims to support the company’s strategic objectives to motivate the employees and attract the best competencies.

The buyback will be financed from the company's own resources, the statement pointed out, adding that the repurchased shares will not have voting rights in shareholders' meetings.

The buyback is pending shareholders’ approval, the company said, adding that it does not currently have any treasury shares.

According to the data available on Argaam, the company intends to repurchase 0.89% of its total shares, amounting to 90 million (nominal value SAR 1 per share).