Riyadh Cables completes second phase of purchasing shares allocated to be kept as treasury shares

Riyadh Cables Group Co. announced on Thursday the completion of phase two 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.

The purchase period, as per a statement on Tadawul, shall be within a period of 12 months from the date of Extraordinary General Meeting Approval, and the value of the purchased shares is 252500 for SAR 18.9 mln.

As a result of the purchase, the company retains 282.5 thousand shares as treasury shares with an average purchase price of 74.82 a share.