CMCER OKs 500,000 share buyback, employee share scheme
The approval came during the extraordinary general meeting (EGM) held on June 15.
Shareholders also approved the company's repurchase of a maximum of 500,000 shares, to be allocated within the employee share scheme, CMCER said in a statement to Tadawul.
The share buyback will be financed from the company's own resources, and the board will be authorized to complete the repurchase within a maximum period of 18 months from the date of the general meeting.
The company will retain the repurchased shares for a period not exceeding 10 years from the date of shareholders' approval. Upon the expiry of this period, the company shall follow the procedures and regulations stipulated in the relevant laws and regulations.
Shareholders also authorized the board to distribute interim dividends on a semi-annual or quarterly basis for 2025.
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