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The Savola Group announces the results of the buyback of its shares (First Tranche)

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Introduction The Savola Group announces that on 13/09/2020, it has completed the buy-back of the intended number of its shares specified for the purpose of the Employees’ Long-Term Incentive Program (LTIP), where a number of 341,675 shares was purchased based on the number of the qualified employees for the first tranche for the year 2020 in accordance with the Program’s terms and conditions.

It is noteworthy, that the approval for the buyback of the Company’s shares for the purpose of LTIP was obtained in the Extraordinary General Assembly Meeting (EGM) held on 29th April 2020.

Accordingly, the Company confirms that it has completed the shares buy-back for the first tranche of the LTIP, and that no additional shares will be purchased during the specified purchase period as indicated below.

Date of Posting the Approval of the General Assembly on the Purchase on Tadawul's Website 2020-04-30 Corresponding to 1441-09-07
Purchase Period Within a maximum period of twelve (12) months from the date EGM’s resolution.
Number of the Purchased Shares 341675
Value of the Purchased Shares SR 16,508,713
Average Purchase Price Per Share 48.32 SR
Additional Information This comes as part of the Group efforts to attract and retain key talent and to motivate them to further strengthen their performance to achieve the Savola Group’s strategic objectives.

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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49.55 -0.35 (-0.7%)
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