Mobily repurchases 2.5M shares for SAR 159.2M

Mobily repurchases 2.5 million shares at an average price of SAR 63.69 each

Etihad Etisalat Co. (Mobily) completed the buyback of 2.5 million shares at a total value of SAR 159.2 million, the company said in a statement to Tadawul.

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The shares will be allocated to its long-term Employee Stock Incentive Program (ESIP).

The move follows shareholder approval granted at the extraordinary general meeting held on May 22.

The average purchase price stood at SAR 63.69 per share.

The repurchased shares allocated to the ESIP carry no voting rights and are not eligible for any cash dividends while held by the company, the statement noted.

According to data compiled by Argaam, Mobily’s general meeting approved, on May 22, the buyback of up to 2.5 million shares for ESIP.

The repurchased shares represent 0.3% of the company’s 770 million outstanding shares.