Mobily shareholders to vote on 2.5M share buyback on May 22

Logo of Etihad Etisalat Co. (Mobily)

Etihad Etisalat Co. (Mobily) invited its shareholders to attend the extraordinary general meeting (EGM) scheduled for May 22.

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In a statement to Tadawul, the company announced that shareholders will vote on several agenda items, including the repurchase of up to 2.5 million of its own shares for the purpose of the Employee Stock Incentive Program (ESIP). The buyback will be financed from the company's own resources.

The agenda includes authorizing the board of directors to complete the repurchase transaction within a maximum period of 12 months from the EGM’s approval date.

The repurchased shares will be retained for no more than three years from the EGM’s approval date, until they are allocated to eligible employees.

Shareholders will also discuss authorizing the board of directors to distribute interim dividends to shareholders on a semi-annual basis for the fiscal year 2025, in addition to several other items, including business and contracts concluded with related parties.