Saudi AZM for Communication and Information Technology Co. Announces the Board's recommendations to buy its shares

Saudi AZM for Communication and Information Technology Co. Announces the Board's recommendations to buy its shares

Element List

Explanation

Introduction

Saudi AZM for Communication and Information Technology Co. announces 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 (1,000,000) shares and an amount not exceeding (20,000,000) Saudi riyals

Board of director’s recommendation date

2024-03-05 Corresponding to 1445-08-24

Purpose of Purchase

Keep them as treasury shares

Purpose of Purchase (If the Purpose to Keep the Shares as Treasury Shares)

They will be kept as treasury shares and allocated to the company's employees within the employee stock program

Number of Shares to be Bought

1000000

Shares Class and type

Ordinary Shares

Method of Financing the Purchasing Process

The purchase of these shares will be funded through the company internal resources

Current Percentage of the Treasury Shares at the Company out of the Total Class of Shares Purchased

%0,011

Approvals and Meeting the Conditions of Financial Appropriateness

Extraordinary General Assembly Approval must be Obtained for the shares buy-back transaction, also financial solvency requirements contained in Implementing Regulations issued