Saudi Azm shareholders approve 1M share buyback

04/04/2024 Argaam

Azm shareholders approve 1M share buyback

Logo of Saudi Azm for Communication and Information Technology Co.

Saudi Azm for Communication and Information Technology Co.’s shareholders approved the buyback of one million shares maximum to be allocated for the employee stock incentive plan (ESOP).

 

The decision came during the extraordinary general meeting (EGM) held on April 3, according to a statement to Tadawul.

 

The share repurchase will be financed via the company’s own resources and the board was authorized to finalize the share buyback in 12 months maximum from the EGM date.

 

The purchased shares will be retained for no more than five years from the EGM's approval to allocate them to eligible employees. Afterwards, the company will adhere to the relevant laws and regulations.

 

The ESOP is part of the current program whose terms were set by the board and approved by shareholders on Aug. 1, 2022.

 

Additionally, the EGM approved transferring the SAR 5.92 million statutory reserve, as shown in the financial statements for the year ending June 30, 2023, to retained earnings.

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