SADAFCO's board plans buyback of 2.75 mln treasury shares

26/10/2020 Argaam

The board of directors of Saudia Dairy and Foodstuff Co. (SADAFCO), in a meeting held on Oct. 19, gave the go ahead for the repurchase of up to 8.46% of the company's shares, or up to 2.75 million ordinary shares, to hold as treasury shares, according to a bourse statement today.

 

The share buyback period will start after the approval from the next extraordinary general assembly meeting, and will spread over the following 12 months.

 

The buyback, which will be financed from the company's own resources, is aimed to capitalize on the decline of the price of the company's stock on Saudi Stock Exchange, compared to its fair value, the company added.

 

SADAFCO also noted that it currently holds 1.539% of its ordinary shares as treasury shares. The percentage of owned treasury shares must not exceed at any time 10% of total shares.

 

The share repurchase is pending the approval of the company's extraordinary general assembly meeting.

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