Edarat EGM approves repurchase of 5,000 shares

Edarat Communications and Information Technology Co.'s shareholders approved the employees stock ownership program (ESOP), delegating the board to determine the ESOP terms, including the allocation price for each share offered to employees.

The approval came during an extraordinary general meeting (EGM) held on Nov. 7.

Shareholders also approved repurchasing a maximum of 5,000 shares, or 0.22% of the share capital, to allocate them for the ESOP, according to a Tadawul statement.

The company will finance the buyback from its own financial resources, the statement noted.

Shareholders authorized the board to complete the repurchase process within a maximum period of 12 months from the EGM date.

The company will retain the purchased shares for a period not exceeding five years from the EGM approval date until the shares are allocated to eligible employees.

For unallocated shares retained beyond this period, the company will follow the procedures stipulated in the related laws and regulations.