Telecom giant stc plans $121m share buyback for employee incentive program

RIYADH: Saudi Telecom Co., better known as stc, has received its board’s approval to repurchase up to 15 million shares at SR453 million ($121 million) for an employee incentive plan.

After shareholders approve the proposal, the shares shall be purchased within one year from the extraordinary general assembly date, stc said in a bourse filing.

The shares will be allocated towards the employees’ stock incentive program, whereby they will not be entitled to dividends during the period the company holds the shares.