Riyadh — Mubasher: Edarat Communication and Information Technology Company announced the results of its Extraordinary General Assembly meeting (EGM), where shareholders approved the plan to purchase a maximum of 15,000 of own shares, representing 0.20% of the total capital.
The buyback is designated for an employee share program and will be funded through the company's internal financial resources, according to a bourse filing.
The board of directors is authorized to complete the purchase within a maximum period of 18 months from the date of the assembly's decision on 17 September 2026.
Edarat will hold the repurchased shares for up to five years until they are allocated to eligible employees. The proposal received 97.175% approval, while 1.493% voted against and 1.332% abstained.
The assembly also elected a new board of directors for a three-year term starting 17 September 2026 and ending on 18 September 2029.
The elected members include Sallam bin Zaki Al Khunaizi, Mohammed bin Abdullah Al Sabiq, and Mosaed bin Fahad Al Sudairi as independent directors, alongside executive members Eric Ernst Badawi and Adel Fouad Rezk.
