Riyadh Cables completes phase one of purchasing its shares allocated to be retained as treasury shares

Riyadh Cables Group Co. announced on Sunday the completion of phase one of the company’s purchase of its shares to retain them as treasury shares for the purpose of allocating them to the Employee Long-Term Stock Incentive Plan, based on Extraordinary General Assembly approval on 20 June 2023.

The company explained today on Tadawul that the number of shares purchased was 30 thousand shares, amounting to 2,204,769.60, while the average purchase price per share was 73.49.

The company indicated that these share purchases are not expected to have any material financial impact on the company’s financial results.