Seera board recommends 10% treasury share buyback

08/11/2023 Argaam
Logo ofSeera Group Holding

Logo of Seera Group Holding

The board of Seera Group Holding recommended today, Nov. 8, repurchasing up to 10% of the group’s ordinary shares as treasury shares, according to a filing to Tadawul.

 

The board of directors found that the share price in the market is less than its fair value, the company added.

 

The company plans to repurchase 26.44 million ordinary shares. Treasury shares account for 1.19% of the total target shares. The repurchased shares will not have voting rights in general assembly meetings.

 

The proposal is subject to the approval of the next extraordinary general meeting (EGM).

 

The financial solvency requirements will be satisfied based on the auditor’s report, Seera added.

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