RIYADH: Shareholders of Saudi energy firm ACWA Power have approved the buyback of 2 million shares. The decision was taken during the extraordinary general meeting held on June 22. According to the company’s disclosure to the Saudi Stock Exchange, the shares will be utilized in the employee stock incentive program. In addition, the buyback is to be financed from the firm’s resources, ACWA Power revealed. The board of directors will complete the buyback within 12 months from the EGM date. The repurchased shares could be kept for seven years from the date of the EGM approval until they are allocated to eligible employees. After this period, the firm will proceed with the controls and conditions delineated and specified in the relevant regulatory standards and procedures. Furthermore, the utility company’s shareholders also approved the board of directors’ recommendation to distribute an 8.3 percent cash dividend, or SR0.83 ($0.22) per share, for 2022. The board will pay interim dividends on a semiannual or quarterly basis for 2023 and determine the record and payment dates in line with the company’s financial position, cash flows, and investment and expansion plans. The company last month signed an agreement worth $1.5 billion with the Ministry of Energy of Kazakhstan and Samruk-Kazyna, Kazakhstan’s sovereign wealth fund, paving the way for the implementation and management of a wind energy and battery storage project with a total capacity of 1 gigawatt. Saudi Energy Minister Prince Abdulaziz bin Salman signed the agreement. In a statement, ACWA Power pointed out that both parties agreed to the project in March. The plant marks ACWA Power’s entry into the Kazakh market, with an initial investment of $1.5 billion. It aims to support the Asian country’s strategic plans for shifting to clean and renewable energy. When fully completed in 2027, the project will contribute to decarbonizing the fossil fuel-based power generation sector. The company reported a net profit of SR1.5 billion in 2022, up 103 percent from the previous year. The filing also showed that earnings per share touched SR2.11 in 2022 versus SR1.04 in the year-earlier period. In 2022, ACWA Power’s operating profit rose to SR2.61 billion, up 13.5 percent compared to 2021.