Logo ofSaudi Azm for Communication and Information Technology Co.
Saudi Azm for Communication and Information Technology Co. will hold an extraordinarygeneral meeting (EGM) on Nov. 5 to vote on repurchasing up to 3.6 million treasury shares for its employee stock program (ESP). 
In a statement to Tadawul, the company said shareholders will also vote to authorize the board to complete the repurchase within 18 months of the EGM resolution, using its own resources.
Saudi Azm will retain the repurchased shares for up to five years from the EGM’s approval until they are allocated to eligible employees.
Shareholders will also authorize the board to determine the program’s terms, including the per-share allocation price offered to employees, if the shares are offered for consideration.
According to Argaam data, the board recommended repurchasing up to 3.6 million shares in August.
Treasury shares currently account for 2.92% of the total shares in the class subject to the proposed repurchase.
The proposed repurchase represents 6% of the company’s total 60 million shares.
Logo ofSaudi Azm for Communication and Information Technology Co.
Saudi Azm for Communication and Information Technology Co. will hold an extraordinarygeneral meeting (EGM) on Nov. 5 to vote on repurchasing up to 3.6 million treasury shares for its employee stock program (ESP).
In a statement to Tadawul, the company said shareholders will also vote to authorize the board to complete the repurchase within 18 months of the EGM resolution, using its own resources.
Saudi Azm will retain the repurchased shares for up to five years from the EGM’s approval until they are allocated to eligible employees.
Shareholders will also authorize the board to determine the program’s terms, including the per-share allocation price offered to employees, if the shares are offered for consideration.
According to Argaam data, the board recommended repurchasing up to 3.6 million shares in August.
Treasury shares currently account for 2.92% of the total shares in the class subject to the proposed repurchase.
The proposed repurchase represents 6% of the company’s total 60 million shares.
