The company’s board has 18 months to complete the approved share buyback
Saudi Azm for Communication and Information Technology Co. said itsshareholders approved, at an extraordinary general meeting (EGM), the repurchase of up to 3.6 million treasury shares for allocation to eligible employees under the company’s employee share program. 
In a statement to Tadawul today, the company said the shares will be repurchased through the Saudi Exchange (Tadawul). The board will be authorized to complete the repurchase within a maximum of 18 months from the date of the EGM resolution, with the transaction to be financed through the company’s internal resources.
The repurchased shares will be held for a maximum of five years from the date of the EGM approval, pending allocation to eligible employees. The EGM also authorized the board to determine the program’s terms and conditions, including the allocation price per share offered to employees, if the shares are allocated for consideration.
According to data compiled by Argaam, the company’s board recommended in August repurchasing up to 3.6 million shares. Treasury shares currently account for 2.92% of the total shares of the class subject to the repurchase.
The shares to be repurchased represent 6% of the company’s total share capital of 60 million shares.
The company’s board has 18 months to complete the approved share buyback
Saudi Azm for Communication and Information Technology Co. said itsshareholders approved, at an extraordinary general meeting (EGM), the repurchase of up to 3.6 million treasury shares for allocation to eligible employees under the company’s employee share program.
In a statement to Tadawul today, the company said the shares will be repurchased through the Saudi Exchange (Tadawul). The board will be authorized to complete the repurchase within a maximum of 18 months from the date of the EGM resolution, with the transaction to be financed through the company’s internal resources.
The repurchased shares will be held for a maximum of five years from the date of the EGM approval, pending allocation to eligible employees. The EGM also authorized the board to determine the program’s terms and conditions, including the allocation price per share offered to employees, if the shares are allocated for consideration.
According to data compiled by Argaam, the company’s board recommended in August repurchasing up to 3.6 million shares. Treasury shares currently account for 2.92% of the total shares of the class subject to the repurchase.
The shares to be repurchased represent 6% of the company’s total share capital of 60 million shares.
