The board of directors of the Saudi dairy and food company “SADAFCO” has invited shareholders to attend the extraordinary general meeting on November 15, 2021, to vote on the company’s board of directors’ recommendation to buy its shares with a percentage not exceeding 8.46% of the share capital, and a maximum number of 2,749,750 company shares.
SADAFCO stated in a statement to Saudi Tadawul today, Sunday, that the board of directors believes the share price on the market is below its fair value, provided the purchase is financed from the company’s own resources, and authorizes the board of directors to complete the purchase in one or more times within a maximum term of 12 months from the date of approval of the Shareholders’ Meeting, and to keep them as treasury shares for a maximum period of 5 years from the date of approval of the Extraordinary General Meeting.
SADAFCO stated in a previous press release, which taking into account that the percentage of the company’s own shares cannot, in no time, exceed ten per cent of the category of shares being purchased.
The company indicated that it had previously purchased 1.539% of the shares in based on the approval of the Extraordinary General Assembly, which was held on 18 December 2018.
The Company currently holds no. 500,250 ordinary shares, equal to 1.539%, as treasury shares.
Read More About: Business News
