Tasnee shareholders to vote on 66.9M share buyback on May 11

Logo of National Industrialization Co. (Tasnee)

National Industrialization Co.’s (Tasnee) shareholders will vote on a proposal to repurchase a maximum of 66.9 million of its treasury shares during the extraordinary general meeting (EGM) 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 said, 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 buyback is contingent on shareholder approval of an amendment to the company’s bylaws permitting such repurchases.

In addition, shareholders will vote on electing members of new board members for a four-year term starting July 6, 2025.