Zamil Industrial Investment Company Announces Its Intention to Purchase Its Shares

Introduction Zamil Industrial Investment Company announces its intention to purchase its shares (Share Buyback) to retain them as Treasury Shares with a maximum of 3 million shares and not exceeding 5% of total outstanding shares, and with a total value not exceeding 50 million Saudi Riyals
Board Approval’s Date 02-08-1441 corresponding to 26-03-2020
Purpose of Purchase To retain them as Treasury Shares
Purpose of Purchase (If the Purpose to Keep the Shares as Treasury Shares) To retain them as Treasury Shares for purposes of stabilizing the fluctuating share price since the Board considers that the share price on the exchange is lower than its fair value
Number of Shares to be Bought 3 million shares
Shares Class Ordinary shares
Method of Financing the Purchasing Process The purchase of these shares will be funded through the company’s internal resources from available cash
Current Percentage of the Treasury Shares at the Company out of the Total Class of Shares Purchased Currently, there are no Treasury Shares held by the company
Approvals and Meeting the Conditions of Financial Appropriateness The company must receive consent from the Extraordinary General Assembly for the Purchase. The company must also obtain a solvency report as stipulated in Paragraph (3) of Article (12) of the Regulatory Standards and Procedures issued pursuant to the Companies Law
Voting Right Purchased shares will not have any voting rights in any general assemblies