| Element List |
Explanation |
| Introduction |
Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO ADDWAIEH) announces the Board of Director’s recommendation to the Extraordinary General Assembly to purchase a number of the company's shares with a maximum of (815,000) shares to allocate them under the long Incentive Scheme for the eligible employees. |
| Board Approval's Date |
2023-06-08 Corresponding to 1444-11-19 |
| Purpose of Purchase |
To retain them as Treasury Shares under the long Incentive Scheme for the eligible employees. |
| Purpose of Purchase (If the Purpose to Keep the Shares as Treasury Shares) |
To retain them as Treasury Shares under the long Incentive Scheme for the eligible employees. |
| Number of Shares to be Bought |
815000 |
| Shares Class and type |
Ordinary shares. |
| Method of Financing the Purchasing Process |
Company’s internal resources. |
| Approvals and Meeting the Conditions of Financial Appropriateness |
The Extraordinary General Assembly’s consent must be obtained for the Purchase. In addition, the Company will also satisfy the conditions of solvency requirements as per Section (3) of Article (17) of the Implementing Regulation of the Companies Law for Listed Joint Stock Companies, that will be issued by the Company’s external auditors, which will be attached along with the Extraordinary General Assembly’s invitation that will approve this transaction as per the applicable regulation. |
| Voting Right |
The Shares that Company buys-back shall not have voting rights in the shareholders Assemblies. |
| Additional Information |
The shares that will be bought -back after obtaining EGM approval represent 0.68 % of the total shares of SPIMACO ADDWAEIH. |
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