STC completes buyback of 2.98 mln shares at SAR 300 mln

Saudi Telecom Co. (STC) completed the buyback of its shares allocated to the employees’ stock incentive plan on Nov. 26, 2020, the firm said in a statement to Tadawul.

A total of 2.98 million shares, with an approximate value of SAR 300 million (SAR 100.58 per share) were bought back in one tranche, and no additional shares will be purchased during the specified purchase period, it added.

On April 20, 2020, STC’s shareholders approved buying back 5.5 million shares at SAR 300 million. Shareholders had also authorized the board to buy back the shares within eight months of the extraordinary general assembly date.

The shares purchased for employees’ stock incentive plan will not be entitled to any dividends during the period the company holds them, STC said in its statement on Nov. 29, 2020.