Jahez to vote on 7.6M share buyback on Sept. 11

Jahez will allocate repurchased shares to the employee stock program

Shareholders of Jahez International Company for Information System Technology will vote on a share buyback of a maximum of 7.63 million, during the extraordinary general meeting (EGM), scheduled for Sept. 11, according to a statement to Tadawul.

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These shares will be allocated to the company's employees under the employee stock program.

The share repurchase will be financed through the company's internal resources or bank facilities. The board of directors is authorized to execute the repurchase within a maximum period of 12 months of the general meeting decision.

The company may retain the treasury shares for five years maximum. It will follow the relevant laws and regulations upon the expiry of this period.