Nofoth intends to buy back up to 2.4 mln treasury shares

30/10/2023 Argaam

Nofoth intends to buy back up to 2.4 mln treasury shares

Logo of Nofoth Food Products Co.

Nofoth Food Products Co.’s board of directors recommended, on Oct 29, repurchase of up to 2.4 million ordinary shares and retain them as treasury shares, according to a statement on Tadawul. 

 

The repurchase will be financed from the company’s own resources, the statement said, indicating that it does not currently have any treasury shares. 

 

The repurchased shares will be kept as treasury shares and allocated within the Employee Stock Ownership Plan (ESOP). 

 

Nofoth noted that the share buyback is subject to the extraordinary general meeting’s (EGM) approval. This is in addition to the fulfillment of financial solvency requirements as per the Implementing Regulations of the Companies Law. 

 

The repurchased shares will not have voting rights in general assembly meetings. 

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