Riyadh — Mubasher: The shareholders of Saudi Azm for Communication and Information Technology Company will attend an extraordinary general meeting (EGM) scheduled for 5 November 2026, according to a bourse filing.
The primary agenda includes a proposal to purchase up to 3.60 million of the company’s shares to be held as treasury shares for an employee stock incentive program.
The buyback is estimated at a cost of SAR 75.28 million based on a price of SAR 20.91 per share and will be funded from internal resources and must be completed within 18 months.
Shareholders will also vote on several five-year framework agreements for consulting services with related parties.
The largest of these contracts involve Azm Digital for Communications and Information Technology Company at SAR 105.79 million and Azm Fintech at SAR 74.67 million.
Other proposed agreements include contracts with Machine Learning for Information Technology for SAR 9.98 million and Real Estate Technologies Company for SAR 1.17 million.
The meeting will further address the election of a new board member to fill a newly created seat, increasing the board size to six members.
Additionally, the board has recommended a total remuneration of SAR 580,000 for directors and committee members for the fiscal year ended on 30 June 2026.
