The Savola Group completed the first phase of the purchase of its shares last Thursday by purchasing the required amount of its shares allocated to cover the shares of the second tranche of the long-term employee incentive shares program, in accordance with the approved criteria and conditions of the program.
According to Arabia Net, the company added in a statement that the number of purchased shares amounted to 349,076 shares, valued at 13.9 million riyals, with an average price of 39.89 riyals per share, out of 1,200,000 Shares approved by the extraordinary general assembly of shareholders as a maximum number of shares subject to the purchase.
The group will, at a later stage, consider the rest of the shares held as treasury shares for the purpose of covering the third tranche of the program, before the end of the purchase period granted by the extraordinary general assembly to complete The purchase process is limited to 12 months from the date of the resolution of the extraordinary general assembly of the company held on April 28, 2021.
This step comes as part of the group's endeavors to attract, retain and motivate distinguished talents and cadres for further performance, which contributes to achieving the strategic objectives of the Savola Group.
