eXtra to buy back 100,000 treasury shares within ESOP

19/03/2020 Argaam

 

United Electronics Co.’s (eXtra) board of directors approved on March 18 the repurchase of 100,000 maximum of treasury shares within the employee stock ownership plan (ESOP), the company said in a bourse statement.

 

eXtra said treasury shares currently accounted for 4% of the company's total shares.

 

The shares repurchase will be funded from cash distributions of the treasury shares held for the employee stock ownership plan, the statement added.

 

The decision is pending the approval of the extraordinary general assembly (EGM) after fulfilling all financial and regulatory requirements.

 

The purchased shares allocated to employees will not have any voting power in the general assemblies.

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