stc completes share buyback

stc announced the purchase of 2.98mln shares

  
Image used for illustrative purpose. A trader monitors stocks at a Saudi Bank in Dammam October 26, 2008.

Image used for illustrative purpose. A trader monitors stocks at a Saudi Bank in Dammam October 26, 2008.

REUTERS/Stringer
Riyadh – Mubasher: Saudi Telecom Company’s (stc) Board of Directors accepted the resignation of the company’s CEO, Nasser S. Alnasser, on 28 November 2020, which was submitted for personal reasons.

The resignation will be effective as of 28 March 2021, according to a bourse statement on Sunday.

In a separate filing, stc announced the purchase of 2.98 million shares at an average share purchase price of SAR 100.58, to be allocated to the Employees’ Stock Incentive Plan. The total value of the transaction amounted to around SAR 300 million.

Moreover, stc said it completed the purchase of the required shares in one tranche only and will not buy any additional shares during the eight-month purchase period.

The purchased shares will not be entitled to any dividends for the period during which the company holds them, the statement said.

Source: Mubasher

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