Electrical Industries Co.’s (EIC) shareholders are set to vote on purchasing 350,000 of its treasury shares under the Employees Long Term Incentive Program (LTIP), during the extraordinary general meeting that will be held on May 4, 2020.
The company said in a statement to Tadawul on Thursday that shareholders will authorize the board of directors to complete the purchase process within a period not exceeding 12 months from the date of the general assembly’s approval.
The purchased shares will be kept for a maximum period of 7 years from the date of buyback. After the end of the specified period, the company will follow the specified procedures as per the regulations.
On April 5, the company’s board of directors approved to repurchase 350,000 treasury shares under the LTIP, Argaam reported.
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