Electrical Industries general assembly approves buying back 350,000 shares

05/05/2020 Argaam

 

Electrical Industries Co.’s (EIC) 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).

 

The company said in a bourse statement that the share repurchase will be financed using the company’s own resources.

 

Shareholders also authorized the board to buy back the shares within 12 months of the EGM approval 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 relevant laws and regulations.

 

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.

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