Savola Group Announces its Intention to Purchase its Shares

10 March 2021 03:35 PM

Default Company 2050.B 6.03% 37.80 2.15

Element List	Explanation
Introduction	Savola Group announces its intention to purchase its shares (buy back) to retain them as Treasury Shares under the Employees Long Term Incentive Program (LTIP) for the executives of Savola Group and its subsidiaries based on the Board of Directors approval to complete the required procedures for 2nd and 3rd tranches in line with the timeframe defined for each tranche and the approved program scope and terms.
Board Approval's Date	2021-03-10 Corresponding to 1442-07-26
Purpose of Purchase	To retain them as Treasury Shares under the LTIP .
Purpose of Purchase (If the Purpose to Keep the Shares as Treasury Shares)	To retain them as Treasury Shares under LTIP, which aims to attract and retain outstanding talent and to motivate them to further strengthen their performance to achieve Savola Group’s objectives.
Number of Shares to be Bought	1200000
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	0.064
Approvals and Meeting the Conditions of Financial Appropriateness	Extraordinary General Assembly’s approval must be obtained for the purchase of shares, as well as satisfying the conditions of solvency appropriateness as set out in article (12/3) of the Regulatory Standards and Procedures Issued Pursuant to the Companies Law.
Voting Right	Purchased Shares shall not have voting rights in General Assembly Meetings.
Additional Information	The shares that will be purchased represents 0.22 % of the total shares of Savola Group. It’s worth noting that the Group launched this program in 2020 based on the approval of the EGM and completed the process of buying back a total of 341,675 its shares for the first tranche for the year 2020. The said shares were allocated to eligible employees according to the approved criteria for the program.

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