Fertiglobe, the largest nitrogen fertilizer producer in the Middle East and North Africa region, said it will seek company shareholders’ approval for going for a share buyback programme.
The company proposes to repurchase up to 2.5 per cent of its issued shares via the buyback programme.
Fertiglobe, which is ADNOC’s low-carbon ammonia platform, will also seek the shareholder nod for a $125 million dividend payout for 2024.
The proposed $125 million (5.5 fils per share) additional payout will take the company’s total dividends for 2024 to $275 million (12.2 fils/share), the company said.
The company’s Annual General Meeting (AGM) is slated for Wednesday, April 9.
Fertiglobe said the buyback proposal reflects its confidence in its long-term growth strategy and commitment to delivering sustainable value to shareholders.
The company said it would conduct the share buyback through open-market transactions in accordance with ADX regulations post shareholder approval.
The quantity of shares repurchased will depend on market conditions and other factors, it said.
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