Saudi Telecom Company announces CEO resignation, share buyback

Saudi Telecom Company announces CEO resignation, share buyback
Former STC Group CEO Nasser Sulaiman Al-Nasser speaking at the telecom provider’s unified brand identity launch, in Riyadh. (Supplied)
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Updated 29 November 2020

Saudi Telecom Company announces CEO resignation, share buyback

Saudi Telecom Company announces CEO resignation, share buyback
  • The resignation, which will be effective March 28, 2021

Saudi Telecom Co. (STC) said its board of directors accepted the resignation of chief executive officer Nasser Al-Nasser on Nov. 28, 2020, according to a bourse statement.

The resignation, which will be effective March 28, 2021, was submitted for personal reasons.

The board also delegated the nomination and remuneration committee to identify a new CEO and submit the list of candidates to the board, while taking STC’s succession plan into consideration.

Any new development will be announced in due course, the firm said.

STC completed the buyback of its shares allocated to the employees’ stock incentive plan on Nov. 26, 2020, the firm said in a statement to Tadawul.

A total of 2.98 million shares, with an approximate value of SAR 300 million (SAR 100.58 per share) were bought back in one tranche, and no additional shares will be purchased during the specified purchase period, it added.

On April 20, 2020, STC’s shareholders approved buying back 5.5 million shares at SAR 300 million ($80 million). Shareholders had also authorized the board to buy back the shares within eight months of the extraordinary general assembly date.

The shares purchased for employees’ stock incentive plan will not be entitled to any dividends during the period the company holds them, STC said in its statement on Nov. 29, 2020.

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China was largest recipient of FDI in 2020 — Report

China was largest recipient of FDI in 2020 — Report
Updated 20 min 50 sec ago

China was largest recipient of FDI in 2020 — Report

China was largest recipient of FDI in 2020 — Report
China was the largest recipient of foreign direct investment in 2020 as the coronavirus outbreak spread across the world during the course of the year, with the Chinese economy having brought in $163 billion in inflows.
China’s $163 billion in inflows last year, compared to $134 billion attracted by the United States, the United Nations Conference on Trade and Development (UNCTAD) said in a report released on Sunday.
In 2019, the United States had received $251 billion in inflows and China received $140 billion.
China’s economy picked up speed in the fourth quarter, with growth beating expectations as it ended a rough coronavirus-striken 2020 in remarkably good shape and remained poised to expand further this year even as the global pandemic rages unabated.
China’s gross domestic product grew 2.3% in 2020, official data showed last week, making China the only major economy in the world to avoid a contraction last year.
The world’s second-largest economy has surprised many with the speed of its recovery from the coronavirus jolt, especially as policymakers have also had to navigate tense US-China relations on trade and other fronts.
Overall, global FDI had collapsed in 2020, falling by 42% to an estimated $859 billion, from $1.5 trillion in 2019, according to the UNCTAD report.
“FDI finished 2020 more than 30% below the trough after the global financial crisis in 2009,” the UNCTAD said on Sunday.
FDI flows fell by 37% in Latin American and the Caribbean, by 18% in Africa, and by 4% in developing Asia, the report added.
East Asia accounted for a third of global FDI in 2020, while FDI flows to developed countries fell by 69%.