Maaden board proposes 5.69M share buyback to be held as treasury shares

Saudi Arabian Mining Co. (Maaden) board of directors recommended the buyback of 5.69 million ordinary shares, which will be allocated to the long-term employee stock incentive program, the company said in a statement to Tadawul today

The shares will be retained as treasury shares for the employee stock incentive program.

The repurchase will be self-financed, the statement said, adding that the percentage of treasury shares currently held by the company, out of the total class of shares purchased, is 0.0588%.

The approval of the company’s extraordinary general assembly will be obtained in its upcoming meeting for the share purchase, as per the requirements of the executive regulations of the Companies Law for Listed Joint Stock Companies.

Maaden will also adhere to the solvency conditions as specified in Article 17 (3) of the implementing regulations, based on the solvency report that will be issued by the bank's external auditor. This report will be included with the general assembly invitation, which will approve this transaction in accordance with the regulations.

The repurchased shares will have no voting rights in general assembly meetings, the statement said.