Advanced repurchases SAR 79.3 mln shares for Employees Incentive Program

A plant of Advanced Petrochemical Co.

Advanced Petrochemical Co. completed the repurchase of shares allocated for employees stock incentive program, following the approval of the extraordinary general meeting (EGM) held on March 20, 2022, and EGM held on April 10, 2023.

The company repurchased 1.5 million shares, with an average purchase price per share of SAR 52.87 and a total value of SAR 79.3 million, Advanced said in a statement to Tadawul.

The buyback period was from May 10-June 15, 2022, after the approval of the EGM held on March 20, 2022, and from May 18-June 7, 2023, after the approval of the EGM held on April 10, 2023.

Meanwhile, Advanced pointed out that the shares allocated to the company's employees under the program will not be entitled to any dividends during the retention period.