Saudi Paper completes buyback of 105,300 treasury shares

Logo of Saudi Paper Manufacturing Co. (Saudi Paper)

Saudi Paper Manufacturing Co. (Saudi Paper) completed the purchase of the required treasury shares based on the approval of the extraordinary general meeting (EGM) held on January 30, 2023.

The company repurchased 105,262 shares at a total value of SAR 3.88 million, according to a Tadawul statement. The average purchase price per share was SAR 36.89.

The entire share buyback process has been completed. No additional shares will be purchased during the specified purchase period, which is a maximum of 12 months from the date of the EGM’s approval.

According to data available on Argaam, Saudi Paper shareholders approved in January the board’s recommendation to repurchase up to one million treasury shares. The buyback was financed from the company's own resources using its cash or credit facilities.

The company will keep the repurchased shares for a maximum period of five years from the date of the EGM’s approval and in accordance with the regulatory controls for listed joint stock companies issued by the Capital Market Authority.