Electrical Industries to buy back 350,000 shares for employee incentive plan

Electrical Industries Co.’s (EIC) board of directors approved on April 5 to repurchase 350,000 treasury shares under the Employees Long Term Incentive Program (LTIP), the company said in a statement to Tadawul on Monday.

The share repurchase will be financed from its own resources, it added.

The company will call for an extraordinary general meeting, to obtain approval for the share buyback in accordance with the rules and regulations of the Companies Law.

Currently, EIC holds 53% of its ordinary shares as treasury shares.

The treasury shares will not have voting rights in the general meetings, the statement noted.

In December 2019, the company completed the first phase of buying back its shares at a total value of SAR 2.69 million under LTIP.