Saudi Azm’s EGM approves buyback of 1.2M treasury shares

Logo of Saudi Azm for Communication and Information Technology Co.

Shareholders of Saudi Azm for Communications and Information Technology Co. approved the company’s plan to buy back up to 1.2 million treasury shares during the extraordinary general meeting (EGM) held on Nov. 6.

 

The repurchased shares will be allocated to the company’s employee stock program, the company said in a statement on Tadawul.

 

The buyback will be financed through its own resources, the statement said, adding that the board of directors was authorized to complete the transaction within a maximum period of 18 months from the EGM’s approval date.

 

The purchased shares will be retained for no more than five years from the EGM approval date, until they are allocated to eligible employees. After this period, the company will comply with the procedures and regulations set out in the relevant laws.

 

This program is an extension of the current plan previously approved by the board of directors.

 

According to data available with Argaam, the shares to be repurchased represent about 2% of the company’s total outstanding shares of 60 million.

 

In July, Saudi Azm transitioned from the Nomu-Parallel Market to the Main Market (TASI).

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