STC general assembly approves buying back 5.5 mln shares

Saudi Telecom Co.’s (STC) shareholders approved, during the extraordinary general assembly held on April 20, buying back 5.5 million shares at SAR 300 million.

The company said in a bourse statement that these shares will be allocated to the company's employee incentive plan and the share repurchase will be financed from the company's internal resources.

Shareholders also authorized the board to buy back the shares within 8 months of the EGM date.

The shares will be retained for up to 7 years, and then they will be at the company's disposal in line with the applied regulations.

The telecom operator's board approved, on March 17, buying back 5.5 million shares at SAR 300 million, Argaam reported.