Riyadh – Mubasher: Savola Group completed on 13 September the buy-back of the intended number of its shares specified for the purpose of the Employees’ Long-Term Incentive Program (LTIP).

The group bought 341,675 shares for SAR 16.508 million as per the number of the qualified employees for the first tranche for 2020, according to a bourse disclosure on Monday.

On 29 April, the company’s extraordinary general meeting (EGM) approved the said buy-back transaction. Moreover, Savola emphasised that no additional shares will be bought during the previously specified purchase period, a maximum period of 12 months from the EGM resolution date. 

The step comes as part of Savola’s efforts to attract and retain key talents and to encourage them to further strengthen their performance to achieve the group’s strategic objectives.