04-08-2025
Nofoth to buy back 2.4M shares for ESIP
Nofoth Food Products Co. 's board of directors recommended on Aug. 3, the purchase of up to 2.4 million ordinary shares of the company to be held as treasury shares, with the intention of allocating them to the employee stock incentive program (ESIP).
In a statement published today on Tadawul, Nofoth said that the share buyback will be funded through its internal resources, noting that treasury shares currently represent 30.55% of the total shares targeted for repurchase.
The repurchased shares will not carry voting rights in the company's general assemblies.
The recommendation will be presented to the upcoming extraordinary general meeting (EGM) for a vote, in accordance with regulatory requirements, as a solvency report will be prepared by the external auditor and submitted to the EGM.
According to Argaam data, the company intends to repurchase and allocate a total of 2.4 million shares to the ESIP, representing approximately 2.5% of the company's total outstanding shares of 96 million.
