Jahez board to allocate 7.63M shares to employee stock plan

Jahez expects no financial impact from treasury share allocation

Jahez International Co. for Information System Technology (Jahez) said its board of directors recommended allocating repurchased share to be held as treasury stock for the company’s employee stock program.

The move will have no financial impact, the company said in a statement to Tadawul.

In May, Jahez’s board recommended repurchasing up to 7.63 million treasury shares, equivalent to 3.64% of its total shares.

The company said the shares may be used in swap transactions for stake or asset acquisitions, or may be allocated for the employee stock program. They may also be sold, in line with Capital Market Authority (CMA) regulations and other applicable laws. 

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