| Element List |
Explanation |
| Introduction |
Saudi Telecom Company (stc) announces the board of director’s approval to purchase a number of the company’s share with a maximum of 15 million shares (the proposed shares to be purchased reflects the proposed increase in the company’s capital by 150% based on the recommendation of the Board of Directors to increase the capital by granting bonus shares), and an amount not to exceed SAR 453 million to allocate them within the Employee Stock Incentive Plan and to raise its recommendation to the extraordinary general assembly (EGM) for voting. Further, the shares shall be purchased within 12 months from EGM’s approval. |
| Board Approval's Date |
2022-06-28 Corresponding to 1443-11-29 |
| Purpose of Purchase |
Employee Stock Incentive Plan. |
| Number of Shares to be Bought |
15000000 |
| Shares Class |
Ordinary Shares |
| Method of Financing the Purchasing Process |
The Company’s own resources |
| Current Percentage of the Treasury Shares at the Company out of the Total Class of Shares Purchased |
0.125% |
| Approvals and Meeting the Conditions of Financial Appropriateness |
Voting for this resolution would take place during the coming extraordinary general assembly which will be announced later as per the requirements of Regulatory Rules and Procedures issued pursuant to the Companies Law relating to Listed Joint Stock Companies (Paragraph Four of Article Twelve). The company shall fulfil all the Solvency requirements mentioned in the Regulatory Rules and Procedures issued pursuant to the Companies Law relating to Listed Joint Stock Companies (Paragraph Three of Article Twelve) a report from the external auditor will be submitted as per the requirements of this paragraph. |
| Voting Right |
The purchased shares will have no voting power in the shareholders General assemblies. |
| Additional Information |
The shares allocated to employees will not be entitled to any dividends during the period the company holds them. |
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