Riyadh Cables plans 500,000 share buyback for employee stock incentive program

Riyadh Cables Group Co. headquarters 

Riyadh Cables Group Co. announced its intention to repurchase and allocate 500,000 of the company's shares for the long-term Employee Stock Incentive Program, the company said in a statement to Tadawul.

The buyback will be financed from Riyadh Cables own resources, the statement added, indicating that the repurchased shares will have no voting rights in general assemblies.

The proposal is subject to the shareholders’ approval, the company noted, affirming that it shall fulfill all the solvency requirements specified in Article 17 (3) of the Companies Law, Listed-Companies Implementing Regulations.