Riyadh – Mubasher: The extraordinary general assembly meeting (EGM) of the Saudi Telecom Company (stc) has approved the purchase of a number of the company’s shares.

The company disclosed in a statement to the Saudi Stock Exchange (Tadawul) on Tuesday that the share purchase has been set at a maximum of 5.5 million shares, with a value not exceeding SAR 300 million.

Shares will be allocated within the employee stock incentive plan, and the purchase will be financed through the company’s own resources.

The Board of Directors, or whoever it delegates, has been authorized to complete the purchase within a period of eight months.

In addition, the purchased shares will be kept for no longer than seven years. Afterwards, the company will follow the rules and procedures stipulated in the relevant laws and regulations, the statement added.