STC to buy back 5.5 mln shares for employee incentive plan

Saudi Arabia's telecom operator, STC, will vote on buying back 5.5 million shares at SAR 300 million in its extraordinary general meeting (EGM) slated for April 20, 2020, the company said in a bourse filing.

These shares will be allocated to the company's employee incentive plan.

The share repurchase will be financed from the company's internal resources, and the board will be authorized to buy back the shares in 8 months of the EGM date.

The shares will be retained for up to seven years, and then these shares will be at the company's disposal in line with the applied regulations.

The telecom operator's board approved on March 17, buying back 5.5 million shares at SAR 300 million, Argaam reported.