Electrical Industries completes Phase 1 of share buyback

Electrical Industries Co. has completed the first phase of buying back its shares to be allocated for employees’ incentives program at a total cost of SAR 162,800.

The company purchased 11,000 shares at SAR 14.80 per share, it said in a bourse statement.

The process is not expected to have a material impact on the company’s financials, the statement added.

In April, the company’s general assembly approved the purchase of up to 500,000 of its own shares to be allocated for employees’ incentives program, Argaam reported earlier.

The purchase will be financed from internal resources and the board was delegated to complete the process in one or several stages within one year from the approval.