Mobily EGM approves buyback of 2.5M shares

Shareholders of Etihad Etisalat Co. (Mobily) gave the go-ahead for repurchasing a maximum of 2.5 million shares, to be allocated for the employee share program, during the extraordinary general meeting (EGM) held on May 22.

The repurchase process will be financed from the company’s resources, Mobily said in a statement to Tadawul.

The board of directors was also authorized to complete the buyback process within 12 months from the EGM date.

The company will retain the repurchased shares for three years maximum from the approval date. Once the lock-in period lapses, Mobily will follow the procedures stipulated in the relevant laws and regulations.

In addition, shareholders approved the board to pay quarterly or semi-annual dividends for 2025.

Mobily paid a 22% cash dividend, or SAR 2.2 per share, totaling SAR 1.69 billion, for 2024, according to data available with Argaam.