Electrical Industries completes first phase of share buyback for SAR 2.69 mln

Electrical Industries Co. (EIC) announced on Monday that it completed the first phase of buying back its shares, allocated for employees’ incentives program, at a total value of SAR 2.69 million, according to a bourse statement.

The Saudi-based firm bought 187,133 shares at SAR 14.41 per share, the statement said.

The process is not expected to have a material impact on the company’s financials, it further added.

In April 2019, the general assembly of EIC approved buying back 500,000 shares for employees’ incentives program, to be financed from internal resources, Argaam reported earlier.