Arabian Cement votes June 15 on SAR 500M reserve transfer to retained earnings; 150,000 share buyback
They will further discuss transferring the entire general reserve of SAR 95 million as per financial statements for 2024, to the retained earnings.
Additionally, shareholders will vote on developing the employee shares program, while authorizing the board of directors to determine the terms and conditions of the program, including the offering price for each share allocated to employees, if applicable.
They will also discuss the buyback of 150,000 shares maximum of common stocks to be retained as treasury shares, and to be allocated to the employees shares program as per regulations, provided that the share repurchase will be financed from the company's own resources.
The board will be authorized to complete the share repurchase within a maximum period of 18 months from the date of the EGM decision, and that the repurchased shares will be maintained for a period not exceeding five years from the date of the EGM approval.
The company, after the end of this period, will follow the procedures and controls stipulated in relevant laws and regulations.
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