Ghida Al-Sultan seeks buyback of 32,000 shares to retain as treasury shares

Logo of Ghida Al-Sultan for Fast Food Co.

Ghida Al-Sultan Co.'s board of directors recommended repurchasing 1%, or 32,000 shares maximum, of the company’s ordinary shares, to retain as treasury shares, according to a statement on the Saudi Exchange (Tadawul).

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The move aims to allocate the repurchased shares for the employee stock program, as well as mortgage and sell them as needed. This is in addition to exchanging the shares in acquisitions, as per the regulations of the Capital Market Authority, Tadawul, and other relevant authorities.

The buyback will be financed from the company's own resources, the statement said, noting that shareholders’ approval is conditional for the repurchase. In addition, the financial solvency requirements stated in the executive regulations of the Companies Law shall be fulfilled.

The repurchased shares shall not have voting rights during general assembly.

The company currently has no treasury shares, according to the statement.