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The board of directors of Saudi Azm for Communication and Information Technology Co. recommended buying back 100,000 treasury shares maximum, at a value not exceeding SAR 20 million, according to a bourse filing.
The shares will be allocated to the company's employees as part of the employee stock program. Azm has the right to pledge and sell these shares, when necessary, in accordance with the regulations of the Capital Market Authority and Tadawul and other relevant laws.
The repurchase process will be financed from the company's internal resources. Azm should obtain the approval of the extraordinary general assembly and fulfill the required conditions under the Companies Law.
The repurchased shares will not have voting rights in the general assembly meetings, Azm added in the statement.
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