Azm’s BOD recommends purchasing one million of its shares, keeping them as treasury shares

Saudi Azm Communications and Information Technology Company announced the issuance of a decision by its Board of Directors to recommend to the Extraordinary General Assembly to purchase its shares and retain them as treasury shares with a maximum limit of one million shares and an amount not exceeding 20 million riyals.

The company said that the aim of the purchase is to keep them as treasury shares and allocate them to the company’s employees within the employee stock program, and the process of purchasing the shares will be financed from the company’s own resources.

According to the statement published on “Tadawul”, the percentage of the company’s treasury shares currently out of the total class of shares subject to purchase is 0.011%.

This requires the approval of the extraordinary general assembly for the purchase process, as well as the fulfillment of the financial suitability conditions stipulated in the executive regulations of the companies’ system for listed joint-stock companies.