Electrical Industries completes final phase of share buyback for SAR 7.2 mln

Electrical Industries Co. (EIC) announced, on Nov. 26, that it completed the final phase of buying back its shares, allocated for employees’ incentives program, at a total value of SAR 7.16 million, according to a bourse statement.

The Saudi-based firm bought 312,867 shares at SAR 22.90 per share for a period of one year, the statement said.

As a result of the share purchase, EIC currently retains 500,000 shares for the incentives program.

The company’s shareholders approved, during the extraordinary general assembly (EGM) held on May 4, buying back 350,000 treasury shares under the Employee Long Term Incentive Program (LTIP), Argaam reported earlier.

The program is in continuation of the current one whose terms were previously determined by the board of directors during the EGM held on April 24, 2019.