Edarat shareholders to vote on 5,000 share buyback on Nov. 7

Logo of Edarat Communication and Information Technology Co.

Edarat Communication and Information Technology Co. invited its shareholders to attend the extraordinary general meeting (EGM) scheduled for Nov. 7.

In a statement to Tadawul, the company said that the agenda includes voting on the employee stock incentive program (ESIP) and authorizing the board of directors to determine the terms of the program, including the allocation price for each share offered to employees, if applicable.

Shareholders will also vote on a proposal to purchase up to 5,000 shares (0.22% of total shares) for allocation to the ESIP, to be financed using the company’s own financial resources.

Additionally, a vote will take place to authorize the board of directors to complete the purchase within a maximum period of 12 months from the date of the EGM’s resolution.

Edarat will retain the purchased shares for up to five years from the EGM’s approval, during which they may be allocated to eligible employees, subject to the approval of the first agenda item.

After the five-year period, the company will follow the procedures outlined in the applicable laws and regulations.