Saudi Azm shareholders approve 100,000 treasury share buyback

Logo of Saudi Azm for Communication and Information Technology Co. 

Shareholders of Nomu-listed Saudi Azm for Communication and Information Technology Co. approved, on Aug. 1, buying back 100,000 treasury shares maximum, to be allocated as part of the employee stock program. 

The repurchase will be financed by the company’s internal resources.

Shareholders also authorized the board to finalize the repurchase process within 12 months maximum from the EGM date.

The company will keep the repurchased shares for five years maximum from the EGM approval date until they are allocated to the eligible employees. After the expiry of this period, Saudi Azm will follow the procedures stipulated in the relevant laws and regulations.