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Retal Urban Development Co. announces its intention to purchase its own shares to be allocated to the employee long term incentive program
4322
RETAL
0.22
%
1445/10/16 25/04/2024 06:59:36
| Element List | Explanation |
|---|---|
| Introduction | Retal Urban Development Co. announces the Board Of Directors approval to purchase a number of its shares with a maximum of (2,000,000) shares to allocate them to the employees long term incentive program |
| Board of director’s recommendation date | 2024-04-24 Corresponding to 1445-10-15 |
| Purpose of Purchase | Employees long term incentive program |
| Purpose of Purchase (If the Purpose to Keep the Shares as Treasury Shares) | To retain them as treasury shares to be allocated to the employees long term incentive program |
| Number of Shares to be Bought | 2000000 |
| Shares Class and type | Ordinary shares |
| Method of Financing the Purchasing Process | The purchase of these shares will be funded through the company internal resources |
| Current Percentage of the Treasury Shares at the Company out of the Total Class of Shares Purchased | Not applicable |
| Approvals and Meeting the Conditions of Financial Appropriateness | The resolution will be voted on in the next extraordinary general assembly which will be announced later according to the requirements of the fourth paragraph of article seventeen of the implementing regulation of the companies law for listed joint stock companies, and after satisfying solvency requirements as mentioned in the third paragraph of article seventeen of the implementing regulation of the companies law for listed joint stock companies. similarly, a report issued by the company's external auditor will be presented by the company in accordance with the requirements of this paragraph. |
| Voting Right | Purchased shares shall not have voting rights in the general assembly’s meetings |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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