Seera shareholders OK 26.4M share buyback

Logo of Seera Group Holding

Shareholders of Seera Group Holding approved the buyback of up to 26.4 million ordinary shares during the extraordinary general meeting (EGM) held on May 30. The repurchased shares will be retained as treasury shares, the company said in a statement to Tadawul.

The board of directors considers the stock price in the market to be less than its fair value.

The repurchase will be financed from the company’s own resources. The board of directors were authorized to complete the repurchase within a maximum period of 12 months from the EGM date.

The company will retain the repurchased shares for a maximum of five years from the EGM approval date, after which the company will carry out the applicable procedures and controls stipulated in the relevant laws and regulations.

Shareholders also approved the other items on the meeting’s agenda, the statement added.