‎Sport Clubs EGM approves buyback of up to 1.45M shares for ESIP

Sport Clubs Co.’s shareholders approved the purchase of up to 1.45 million ordinary shares to be held as treasury shares for allocation under a planned employee stock incentive program (ESIP).

The approval was granted during an extraordinary general meeting (EGM).

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The share buyback will be self-financed, according to a statement to Tadawul today, Oct. 20.

Shareholders also authorized the board of directors to complete the transaction within 12 months from the date of the EGM’s resolution.

The company added that it would retain the repurchased shares for four years from the date of the EGM’s approval before allocating them to eligible employees.

Upon expiry of this period, the company will follow the procedures and controls stipulated in the relevant laws and regulations.

Shareholders also approved the ESIP and authorized the board to determine its terms and conditions, including the allocation price per share offered to employees, if applicable.

According to data available with Argaam, Sport Clubs’ buyback represents approximately 1.27% of the company’s 114.40 million outstanding shares.

Sport Clubs Co.’s shareholders approved the purchase of up to 1.45 million ordinary shares to be held as treasury shares for allocation under a planned employee stock incentive program (ESIP).

The approval was granted during an extraordinary general meeting (EGM).

The share buyback will be self-financed, according to a statement to Tadawul today, Oct. 20.

Shareholders also authorized the board of directors to complete the transaction within 12 months from the date of the EGM’s resolution.

The company added that it would retain the repurchased shares for four years from the date of the EGM’s approval before allocating them to eligible employees.

Upon expiry of this period, the company will follow the procedures and controls stipulated in the relevant laws and regulations.

Shareholders also approved the ESIP and authorized the board to determine its terms and conditions, including the allocation price per share offered to employees, if applicable.

According to data available with Argaam, Sport Clubs’ buyback represents approximately 1.27% of the company’s 114.40 million outstanding shares.