Mobily’s board OK 2.5M share buyback for long-term incentive plan

Logo of Etihad Etisalat Co. (Mobily)

The board of Etihad Etisalat Co. (Mobily) approved repurchasing 2.5 million ordinary shares for the long-term incentive program.

The buyback process will be self-financed, and these shares will have no voting rights, the company said in a statement to Tadawul, adding that

The decision is subject to the approval of the company’s extraordinary general meeting (EGM), the date of which will be set later.

Mobily is committed to satisfying all the solvency conditions under the Companies Law, and a report will be submitted by the company’s external auditor to that effect.