Riyadh Cables repurchases 252,500 shares in second phase for ESIP

A Riyadh Cables factory

Riyadh Cables Group Co. completed the second phase of the share buyback process to allocate under the long-term Employee Stock Incentive Program (ESIP), in the period between Oct. 31 and Nov. 30, 2023.

In a statement to Tadawul, the company said 252,500 shares worth SAR 18.89 million were repurchased, at an average per share price of SAR 74.82.

The buyback must be within a period of 12 months from the date of extraordinary general meeting (EGM) approval.

Riyadh Cables currently holds 282,500 treasury shares, with an average share price of SAR 74.68.

The process is not likely to have any material impact on the company's financial results, the statement noted.

In June, shareholders approved the buyback of 500,000 shares maximum to be allocated to the Stock Incentive Program, Argaam reported. The share buyback was financed from the company's internal resources.