Logo ofNational Industrialization Co. (Tasnee)
National Industrialization Co.’s (Tasnee) shareholders will vote on a proposal to repurchase 66.9 million of its ordinary shares and retain them as treasury shares in an extraordinary general meeting scheduled for May 11, according to a statement to Tadawul. 
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The board believes that the stock is trading below fair value, the statement pointed out, adding that the repurchase will be financed through the company’s own resources.
The board will be authorized to complete the repurchase within 18 months of the EGM approval. Tasnee will retain the repurchased shares for a maximum of five years, after which it will comply with the relevant laws and regulations. The vote on this subject is contingent upon the approval of an amendment to the company’s bylaws allowing it to buy back its own shares.
In addition, shareholders will also vote on electing members of the board of directors for the new four-year term starting July 6, 2025.
Logo ofNational Industrialization Co. (Tasnee)
National Industrialization Co.’s (Tasnee) shareholders will vote on a proposal to repurchase 66.9 million of its ordinary shares and retain them as treasury shares in an extraordinary general meeting scheduled for May 11, according to a statement to Tadawul.
For more news on listed companies
The board believes that the stock is trading below fair value, the statement pointed out, adding that the repurchase will be financed through the company’s own resources.
The board will be authorized to complete the repurchase within 18 months of the EGM approval. Tasnee will retain the repurchased shares for a maximum of five years, after which it will comply with the relevant laws and regulations. The vote on this subject is contingent upon the approval of an amendment to the company’s bylaws allowing it to buy back its own shares.
In addition, shareholders will also vote on electing members of the board of directors for the new four-year term starting July 6, 2025.
