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Edarat Communication and Information Technology Calls EGM For Share Buyback Proposal
By KlickAnalytics Data Insights | August 31, 2026 06:02PM ET
- Shareholders to vote on proposal to buy back up to 15,000 shares for employee stock incentive program
- Company plans to finance the purchase through its own financial resources
In an exciting development, Edarat Communication and Information Technology Company has announced an extraordinary general meeting (EGM) scheduled for 17 September 2026. Shareholders will gather to vote on a proposal to buy back up to 15,000 shares, representing 0.20% of the company's total shares. This buyback initiative is intended for an employee stock incentive program, as revealed in a recent bourse filing. Edarat plans to finance the purchase through its own financial resources and, if approved, the board of directors will be authorized to complete the transaction within a maximum of 18 months from the date of the assembly's decision.
Additionally, the company will hold the treasury shares for a maximum period of five years until they are allocated to eligible employees. The EGM agenda will also include voting on the election of board members for a new three-year term beginning 17 September 2026. Financial disclosures accompanying the invitation show that as of 30 June 2026, the company's total assets stood at SAR 163.77 million with total liabilities of SAR 50.01 million. The estimated cost for the share buyback is SAR 5.25 million, based on a projected price of SAR 350 per share. The meeting is scheduled to be conducted via modern technology at 19:00 Riyadh time, making it a convenient affair for all involved stakeholders.
In conclusion, Edarat Communication and Information Technology's upcoming EGM promises to be a pivotal moment in the company's journey. With the proposal to buy back shares for an employee stock incentive program and the election of board members on the agenda, the meeting is poised to shape the company's future direction. Shareholders and industry enthusiasts eagerly await the outcome of the EGM, which underscores Edarat's commitment to employee welfare and shareholder value.
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