Azm’s Extraordinary General Assembly Approves Purchase of One Million Shares for Employee Stock Program

Saudi Azm for Communication and Information Technology Co. announced on Thursday the outcomes of its Extraordinary General Assembly Meeting (First Meeting).

Voting Results:

The General Assembly approved the purchase of up to one million shares of the company to be allocated within the employees’ stock program. This purchase will be financed through the company’s own resources. The Board of Directors is authorized to complete the purchase within a maximum period of twelve (12) months from the date of the Extraordinary General Assembly’s decision.

The purchased shares will be held by the company for a maximum period of five (5) years from the date of Extraordinary General Assembly approval, until they are allocated to eligible employees. After this period, the company will adhere to the rules and procedures outlined in the relevant laws and regulations.

It’s noteworthy that this program is a continuation of the current one, with terms previously defined by the Board of Directors and approved by the Extraordinary General Assembly held on 03/01/1444 AH, corresponding to 01/08/2022