Riyadh – Mubasher: The board of Saudi Azm for Communication and Information Technology Company recommended on 30 July 2026 the buyback of up to 3.60 million ordinary shares.

The company intends to hold these as treasury shares specifically for allocation to its employee share program, according to a bourse disclosure.

The proposed transaction will be financed through the company’s internal resources. Saudi Azm currently holds 2.92% of its total shares as treasury stock. The shares acquired through this buyback will not carry voting rights in general assembly meetings.

The execution of the buyback is subject to approval by the Extraordinary General Meeting (EGM).

Additionally, the company must satisfy all financial solvency requirements as stipulated by the executive regulations of the Companies Law for listed joint-stock companies.

At the end of June 2026, the company’s net profits jumped by 36.17% year-on-year (YoY) to SAR 50.99 million from SAR 37.45 million.