Riyadh - Mubasher: The Board of Directors of Sultan Food Company decided to pass a recommendation to the Extraordinary General Assembly to purchase a maximum of 1% of the company's ordinary shares and keep them as treasury shares.

The company added in a statement on Sunday on "Tadawul" that the purpose of the purchase is to keep them as treasury shares within the employee stock program, mortgage them and sell them as needed, and exchange them for acquisitions in accordance with the regulations of the Capital Market Authority, Tadawul and other related systems.

The company noted that the number of shares is 32 thousand shares, indicating that the financing will be from the company’s own resources, noting the necessity of the approval of the extraordinary general assembly for the purchase process, as well as fulfilling the financial suitability conditions stipulated in the executive regulations of the companies’ system for listed joint stock companies.

The company explained that the purchased shares do not have votes in shareholders' meetings, noting that the company does not currently have any treasury shares.