News 24 | STC agrees to purchase 5.5 million shares to be allocated to the Employee Incentive Scheme


Saudi Telecom CompanySaudi Telecom Company “STC” has agreed to buy a number of its shares with a maximum of 5.5 million shares, for an amount not exceeding 300 million riyals, in order to allocate it to the employee incentive shares program.

The company explained that the stock purchase process is funded from the company’s own resources, adding that the board of directors or whoever is authorized to complete the purchase process is authorized within a maximum period of 8 months from the date of the decision, and to determine the terms of the program and its implementation, including the allocation price for each share offered to employees if it is in return .

And stated that the shares purchased are held up to 7 years from the date of approval of the extraordinary general assembly, and after this period has passed the company follows the procedures and controls stipulated in the relevant laws and regulations.

The bonuses and compensation for the members of the Board of Directors were also approved for their membership, and included in the report of the Board of Directors for the period from January 1 to December 31, 2019.

This came during the extraordinary general assembly meeting (the first meeting), yesterday evening (Monday), in the presence of the Chairman of the Board of Directors Prince Mohammed bin Khaled Al Abdullah Al-Faisal, his deputy Dr. Khalid bin Hussein Bayyari, and a number of members of the Council, which was held through technical means Al Haditha, with an attendance rate of 85.3%.


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