First Mills completes buyback of 300,000 shares for employee share scheme worth SAR 25.4M

First Milling Company (First Mills), a market-leading player in the Kingdom's milling industry, completed the buyback of 300,000 shares (representing 0.54% of its shares) to be allocated for the employee share scheme.

According to a statement on Tadawul, the deal is valued at SAR 25.36 million, as the average purchase price amounted to SAR 84.54 per share.

The statement indicated that these shares will not be entitled to any dividends during the company’s holding period and that the repurchased shares will not have the right to vote in the coming general assembly’s meetings.

This step comes as part of the company's efforts to attract distinguished talents and cadres, retain them, and motivate them for greater performance, which contributes to achieving its strategic objectives.

The company did not expect any material financial impact on the financial statements as a result of the share repurchase.

Last January, shareholders approved the buyback of 300,000 shares maximum to be allocated for the employee share scheme, during the extraordinary general meeting (EGM).

It said that the share repurchase was financed through the company’s cash balance, and the board of directors will be authorized to finalize the buyback within 12 months maximum from the EGM date.

source: argaam