Logo of Saudi Ceramic Co. (Saudi Ceramics)
Saudi Ceramic Co.’s (Saudi Ceramics) board of directors recommended, on April 3, to the extraordinary general assembly, transferring the company’s general reserve to retained earnings.
In a statement to Tadawul, the company noted that the general reserve amounts to SAR 241.71 million as of Dec. 31, 2023.
In a separate statement to Tadawul, the board recommended buying back no more than 320,000 shares of the company’s shares for the purpose of allocating them to the company’s long-term incentives plan.
The buyback will be funded from the company’s internal resources.
The acquired shares are ordinary shares with no voting rights in general assembly meetings, the statement noted.
The company does not hold any shares of that kind currently.
The board’s recommendation will be presented for approval of the EGM.
Additionally, Saudi Azm highlighted the need to meet the financial solvency requirements specified in the executive regulations of the Companies Law for listed joint-stock companies.
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