Saudi Aramco’s board approves repurchase up to a maximum spend of SAR 11.3 billion
Saudi Arabian Oil Co.’s (Saudi Aramco) board of directors approved, on March 9, the repurchase of up to 350 million ordinary share to hold as treasury stock for employee share plan. 
The board approved the repurchase up to a maximum spend of SAR 11.3 billion ($3 billion). Pursuant to the resolution, the oil giant may retain the shares for a maximum period of 10 years from the date of purchase without sale or allocation, according to a statement to Tadawul.
Saudi Aramco may proceed with the repurchase within 18 months from the date of the resolution, through one or more transactions. The company will announce the completion of all transactions, the statement added.
The repurchase will be funded from Saudi Aramco’s internal funds.
In accordance with Saudi Aramco’s bylaws, the board may by resolution approve the repurchase of shares by the company, for the purpose of allocating such shares to its employees within employee shares plan or for any other purpose the board determines in the best interest of the company. As such, given that the board approved the repurchase, there is no requirement to obtain extraordinary general assembly approval on the same event, the company noted.
The solvency requirements have been satisfied.
The repurchased shares, while retained by the company, do not have voting rights in the shareholders’ general meetings.
Saudi Aramco’s board approves repurchase up to a maximum spend of SAR 11.3 billion
Saudi Arabian Oil Co.’s (Saudi Aramco) board of directors approved, on March 9, the repurchase of up to 350 million ordinary share to hold as treasury stock for employee share plan.
The board approved the repurchase up to a maximum spend of SAR 11.3 billion ($3 billion). Pursuant to the resolution, the oil giant may retain the shares for a maximum period of 10 years from the date of purchase without sale or allocation, according to a statement to Tadawul.
Saudi Aramco may proceed with the repurchase within 18 months from the date of the resolution, through one or more transactions. The company will announce the completion of all transactions, the statement added.
The repurchase will be funded from Saudi Aramco’s internal funds.
In accordance with Saudi Aramco’s bylaws, the board may by resolution approve the repurchase of shares by the company, for the purpose of allocating such shares to its employees within employee shares plan or for any other purpose the board determines in the best interest of the company. As such, given that the board approved the repurchase, there is no requirement to obtain extraordinary general assembly approval on the same event, the company noted.
The solvency requirements have been satisfied.
The repurchased shares, while retained by the company, do not have voting rights in the shareholders’ general meetings.
