Logo ofNational Industrialization Co. (Tasnee)
National Industrialization Co.’s (Tasnee) shareholders approved the repurchase of 66.9 million shares to retain as treasury shares, during the extraordinary general meeting (EGM) held on May 11. 
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In a Tadawul statement, the company said the board considers that the share price in the market is less than its fair value, indicating the buyback will be financed from its own resources.
Further, the board of directors was authorized to complete the repurchase within a maximum period of 18 months from the extraordinary general meeting (EGM) date. After the lapse of this period, the company will keep the repurchased shares for a maximum of five years from the EGM date. The company will follow the procedures and controls stipulated in the relevant laws and regulations after the lapse of this period.
Shareholders also elected the following board members for the upcoming four-year starting July 6, 2025: Abdulaziz Al Mulhim, Talal Al Maiman, Abdularahman Al Sayyari, Ahmad Al Humaidan, Mohammed Al Haqbani, Fahad Al Mishal, Fawaz Al Fawaz, Musaab Al Muhaidib, Ahmed Al Theabi, and Muath Al Zamil.
In addition, shareholders gave a nod to amending Article 4 of the Bylaws related to the company’s purposes.
Logo ofNational Industrialization Co. (Tasnee)
National Industrialization Co.’s (Tasnee) shareholders approved the repurchase of 66.9 million shares to retain as treasury shares, during the extraordinary general meeting (EGM) held on May 11.
For more news on listed companies
In a Tadawul statement, the company said the board considers that the share price in the market is less than its fair value, indicating the buyback will be financed from its own resources.
Further, the board of directors was authorized to complete the repurchase within a maximum period of 18 months from the extraordinary general meeting (EGM) date. After the lapse of this period, the company will keep the repurchased shares for a maximum of five years from the EGM date. The company will follow the procedures and controls stipulated in the relevant laws and regulations after the lapse of this period.
Shareholders also elected the following board members for the upcoming four-year starting July 6, 2025: Abdulaziz Al Mulhim, Talal Al Maiman, Abdularahman Al Sayyari, Ahmad Al Humaidan, Mohammed Al Haqbani, Fahad Al Mishal, Fawaz Al Fawaz, Musaab Al Muhaidib, Ahmed Al Theabi, and Muath Al Zamil.
In addition, shareholders gave a nod to amending Article 4 of the Bylaws related to the company’s purposes.
