Saudi Azm shareholders to vote on 100,000 treasury share buyback on Aug. 1

Shareholders of Saudi Azm for Communication and Information Technology Co. will discuss the board of directors’ recommendation on buying back 100,000 treasury shares maximum, at up to SAR 20 million, during the extraordinary general meeting (EGM) scheduled for Aug. 1.

The shares will be allocated to the company's employees as part of the employee stock program.

Shareholders will also vote on authorizing the board to finalize the repurchase process within 12 months maximum from the EGM date.

Other agenda items include appointing and determining fees of an auditor to review and audit the company’s semi-annual and annual financial statements for 2022 and 2023.