Riyadh Cables buys back 30,000 shares in first phase

17/09/2023 Argaam
Logo ofRiyadh Cables Group Co.

Logo of Riyadh Cables Group Co.

Riyadh Cables Group Co. announced in a filing on Tadawul that it completed the first phase of the share buyback process, allocated to the long-term Employee Stock Incentive Program, during the period from Aug. 11 to Sept. 14, 2023.

 

The company repurchased 30,000 treasury shares, at SAR 73.49 a share, totaling SAR 2.2 million.

 

No material financial impact is expected from the transaction.

 

The buyback was approved by the company’s extraordinary general meeting (EGM), held on June 20, the statement added.

 

In June, shareholders approved the buyback of 500,000 shares maximum to be allocated to the Stock Incentive Program, Argaam reported. The share buyback was financed from the company's internal resources.

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