ADVANCED PETROCHEMICAL COMPANY ANNOUNCES ITS INTENTION TO PURCHASE ITS SHARES
| Element List | Explanation |
|---|---|
| Introduction | Advanced Petrochemical company 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 (650,655) shares to allocate them within the Employee Shares Incentive Program. |
| Board Approval's Date | 2023-03-15 Corresponding to 1444-08-23 |
| Purpose of Purchase | To retain them as Treasury Shares. |
| Purpose of Purchase (If the Purpose to Keep the Shares as Treasury Shares) | To retain them as Treasury Shares for Employee Shares Incentive Program |
| Number of Shares to be Bought | 650655 |
| Shares Class | Ordinary shares |
| Method of Financing the Purchasing Process | From company’s own resources |
| Current Percentage of the Treasury Shares at the Company out of the Total Class of Shares Purchased | 0.33% |
| 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 Seventeen of the Implementing Regulation of the Companies Law for Listed Joint Stock Companies |
| External Auditor's Report |  |
| Voting Right | Purchased Shares Shall not Have Voting Rights in the General Assembly’s Meetings |
| Additional Information | The shares allocated to employees will not be entitled to any dividends during the period the company holds them.
Noting that the 10th Extraordinary General Assembly, held on March 20, 2022, approved to purchase (1,5000,000) shares, where only (849,345) shares were purchased till now. The recommended purchase of (650,655) shares will be within the maximum limit (1,500,000) shares approved by the 10th Extraordinary General Assembly in the event that the upcoming Extraordinary General Assembly approves this recommendation. |
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