ITMAM shareholders approve buyback of up to 420,000 shares

ITMAM says the buyback will be financed through its internal resources

Shareholders of Itmam Consultancy Co. approved the repurchase of up to 420,000 ordinary shares to be allocated to the company's employee stock incentive program, the company said in a statement to Tadawul.

The buyback will be financed through the company's internal resources. Shareholders also authorized the board of directors to complete the share repurchase within 18 months from the date of the extraordinary general meeting's approval.

The company said the repurchased shares will be held for a maximum of five years from the date of approval until they are allocated to eligible employees. After that period, the company will follow the procedures and regulations stipulated under the relevant laws and regulations.

Shareholders also approved the employee stock program adopted by the board on May 14 and authorized the board to determine its terms and conditions, including the allocation price of shares offered to employees, where applicable.

In addition, shareholders approved the use of the remaining IPO proceeds as working capital.

According to Argaam data, the shares targeted for repurchase represent 2% of ITMAM's total shares.