The Saudi Azm Telecom and Information Technology Company announced the issuance of its board of directors’ decision to recommend to the extraordinary general assembly to buy its shares and keep them as treasury shares with a maximum limit of 100,000 shares and an amount not exceeding 20 million riyals.
The company said in a statement on “Tadawul Saudi” today, Sunday, that it will keep the shares as treasury shares and allocate them to the company’s employees within the employee shares program, and the company has the right to mortgage and sell them as needed, in accordance with the regulations of the Capital Market and Tadawul and other relevant regulations.
It added that it will finance the purchase of shares from the company’s own resources.
She pointed to the necessity of the extraordinary general assembly’s approval of the procurement process, as well as the fulfillment of the conditions of financial suitability contained in the third paragraph of Article Twelve of the regulatory controls and procedures issued in implementation of the Companies Law.
It is reported that the purchased shares do not have votes in the shareholders’ assemblies.
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