Dallah plans 622,450 share buyback for employee incentive program
Dallah Healthcare Co.'s (Dallah Health) board of directors recommended the buyback of a maximum of 622,450 shares, to be allocated for the employee stock incentive program (ESIP), according to a statement to Tadawul today, May 27.
The repurchase will be financed through Dallah's own resources, as it holds 0.37% of treasury shares.
Dallah added that it will seek approval for the buyback process during the next extraordinary general meeting (EGM), as required by Paragraph 4 of Article 17 of the Executive Regulations of the Companies Law for Listed Joint Stock Companies.
Additionally, the company affirmed that it will comply with the solvency requirements outlined in Paragraph 3 of Article 17 of the same regulations.
Dallah also noted that the repurchased shares will not have voting rights in the shareholders' assemblies.
The company currently holds 377,550 shares as treasury shares, which were originally repurchased to be retained as treasury shares.
It aims to potentially utilize them in future swap transactions for acquiring shares or stakes in a company or for purchasing an asset.
The board of directors recommended changing the purpose of these shares to be allocated to the ESIP. This change will be presented to the EGM for approval.
As a result, the total number of shares allocated to the ESIP will reach one million shares, assuming the company proceeds with purchasing the maximum number of shares mentioned in the announcement above, in addition to changing the purpose of the 377,550 shares shares currently held as treasury shares.
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