Future Vision plans up to 350,000 share buyback
In a statement to Tadawul, the company said that this decision will be voted on by the upcoming extraordinary general assembly (EGM), which will be announced at a later date, for the purpose of approving the share repurchase, in accordance with the requirements and fulfillment of all conditions stipulated in Article 17 of the Implementing Regulations of the Companies Law for Listed Joint Stock Companies.
The voting will also consider the solvency report issued by the company's external auditor, which will be attached to the invitation to the EGM that will consider and approve the transaction in accordance with applicable regulations.
The repurchased shares will be retained for future use in a manner that enhances flexibility in managing the company's capital structure, and to allocate part of them under an employee incentive program, the statement added.
The purchase will be financed through the company's own resources, the company indicated, noting that it currently holds 38% treasury stocks from the total company shares.
The process is conditional upon the approval of the EGM and meeting the financial solvency requirements contained in Implementing Regulations issued pursuant to the Companies Law.
Purchased shares shall not have voting rights in the general assembly's meetings, the statement added.
According to data available on Argaam, the number of shares to repurchased by Future Vision represents 3.5% of the total company shares totaling to 10 million shares.
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