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Savola Group, Saudi Arabia’s largest food products company and a major operator of grocery stores, has bought back more than 341,000 of its shares for 16.6 million Saudi riyals ($4.4 million).
The transaction, which forms the first tranche of the company’s Long-Term Incentive Program (LTIP) for its employees, was completed on September 13, Savola said in a bourse filing on Monday.
The shares buyback comes as part of the company’s efforts to attract and retain key talent and to motivate staff to strengthen their performance, Savola said.
During the general assembly meeting held last April, the company obtained the approval for the buyback to support its staff incentive programme.
A total of 341,675 shares were acquired for a purchase price of 48.32 Saudi riyals per share.
Savola is one of the kingdom’s largest investment holding groups operating in the food and retail industries. It manufactures household staples, including pasta products, oils, sugar, and its retail portfolio includes hypermarkets, supermarkets and grocery stores.
(Reporting by Cleofe Maceda; editing by Seban Scaria)
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