| Introduction |
Savola Group announces its intention to purchase its shares to retain them as Treasury Shares under the Employees Long Term Incentive Program (LTIP) for the executives of the Savola Group based on the Board of Directors approval on the program scope and terms |
| Board Approval's Date |
2020-01-29 Corresponding to 1441-06-04 |
| Purpose of Purchase |
To retain them as Treasury Shares under LTIP Program |
| Purpose of Purchase (If the Purpose to Keep the Shares as Treasury Shares) |
To retain them as Treasury Shares under the Employees LTIP which aims to attract and retain outstanding talent and to motivate them to further strengthen their performance to achieve the Savola Group objectives. |
| Number of Shares to be Bought |
700000 |
| Shares Class |
ordinary shares |
| Method of Financing the Purchasing Process |
The purchase of these shares will be funded through the company’s internal resources |
| Current Percentage of the Treasury Shares at the Company out of the Total Class of Shares Purchased |
Currently, no treasury shares are held by the Group |
| Approvals and Meeting the Conditions of Financial Appropriateness |
Extraordinary General Assembly Consent must be Obtained for the Purchase, also Conditions of Financial Appropriateness as provided in Paragraph Three of Article Twelve of the Regulatory Standards and Procedures Issued Pursuant to the Companies Law shall be Met |
| Voting Right |
Purchased Shares Shall not Have Voting Rights in the General Assembly’s Meetings |
| Additional Information |
The shares which will be purchased represents 0.13 % of the total shares of Savola Group. |
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