Almarai Company's Extraordinary General Assembly Approves Cash Dividends and Employee Share Repurchase Program
Source: The DairyNews
During its recent meeting on the evening of Tuesday, Ramadan 23, 1445 AH, corresponding to April 2, 2024, convened via modern technological means at its headquarters in Riyadh, the Extraordinary General Assembly of Almarai Company endorsed several pivotal decisions.
The assembly ratified the recommendation put forth by the Board of Directors to distribute cash dividends to shareholders at a rate of 10% of the capital (in riyals per share) for the fiscal year 2023 AD. These dividends are scheduled to be disbursed and transferred to the bank accounts linked to the portfolios of eligible shareholders, commencing from April 16, 2024.
Furthermore, the assembly granted approval for the repurchase of up to a maximum of 10 million shares, earmarked for allocation to the employee incentive program. This share buyback initiative will be funded through the company’s internal resources. The Board of Directors is empowered to oversee and execute the repurchase process within a maximum timeframe of 12 months from the date of the Extraordinary General Assembly’s decision.
Additionally, shareholders sanctioned the contracts and business transactions conducted between the company and related parties throughout the course of 2023.
Furthermore, the assembly granted approval for the repurchase of up to a maximum of 10 million shares, earmarked for allocation to the employee incentive program. This share buyback initiative will be funded through the company’s internal resources. The Board of Directors is empowered to oversee and execute the repurchase process within a maximum timeframe of 12 months from the date of the Extraordinary General Assembly’s decision.
Additionally, shareholders sanctioned the contracts and business transactions conducted between the company and related parties throughout the course of 2023.
