Riyadh Cables plans to buy back 300,000 treasury shares

Riyadh Cables says repurchased shares will not have voting rights at general meetings

Riyadh Cables Co. plans to repurchase 300,000 ordinary shares and hold them as treasury shares allocated to the employee long-term stock incentive program.

 

The Saudi firm will self-finance the buyback, it said in a statement to Tadawul, adding that the company currently holds 0.188% treasury shares.

 

The repurchased shares will not have voting rights at general meetings, the statement added.

 

The transaction will require shareholders’ approval at the upcoming extraordinary general meeting (EGM), the date for which will be announced.

 

The company will meet the solvency conditions set out in the regulations.

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