Saudi Azm board recommends buyback of 1M treasury shares

Logo of Saudi Azm for Communication and Information Technology Co.

Saudi Azm for Communication and Information Technology Co.’s board of directors recommended buying back its shares and retaining them as treasury shares, during the extraordinary general meeting (EGM) held today, March 5.

The proposed limit for this buyback is one million shares maximum and not exceeding SAR 20 million.

The buyback will be funded from the company's internal resources.

The acquired shares will have no voting rights in general assembly meetings, the statement noted.

The company currently holds 0.011% treasury shares, indicating the need to secure approval from the extraordinary general meeting for the proposed share purchase.

Additionally, Saudi Azm highlighted the need to meet the financial solvency requirements specified in the executive regulations of the Companies Law for listed joint-stock companies.