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American Restaurants has received approval from the Abu Dhabi Securities Exchange to buy back of 25 million shares listed on the ADX.
The company, which has a dual listing on the ADX and the Saudi exchange (Tadawul), said the shares will be repurchased from the open market of Abu Dhabi and will be allocated to eligible employees as per terms set out in the company’s approved share-based long term incentive plan (LTIP).
Americana’s board of directors approved the share repurchase agreement on April 4th.
The company will buy back shares over an extended timeline under multiple tranches, commencing after 8 August 2024.
(Writing by Bindu Rai, editing by Seban Scaria)