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