‎First Avenue board proposes 3M share buyback

First Avenue for Real Estate Development Co.’s board of directors proposed repurchasing up to 3 million ordinary shares to be held as treasury shares, according toa statement to Tadawul.

The company said the buyback would be financed from internal resources and used to support expansion through swaps, exchanges, or acquisitions of shares, stakes, or assets aligned with its business.

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Treasury shares currently represent 7.36% of total ordinary shares. The repurchase would be executedwithin 12 months of the extraordinary general meeting (EGM) approval, with the shares to be held for no longer than five years.

The buyback remains subject tothe EGMapproval and other regulatory requirements, the company said, adding that the repurchased shares carry no voting rights.

First Avenue for Real Estate Development Co.’s board of directors proposed repurchasing up to 3 million ordinary shares to be held as treasury shares, according toa statement to Tadawul.

The company said the buyback would be financed from internal resources and used to support expansion through swaps, exchanges, or acquisitions of shares, stakes, or assets aligned with its business.

For more news on listed companies

Treasury shares currently represent 7.36% of total ordinary shares. The repurchase would be executedwithin 12 months of the extraordinary general meeting (EGM) approval, with the shares to be held for no longer than five years.

The buyback remains subject tothe EGMapproval and other regulatory requirements, the company said, adding that the repurchased shares carry no voting rights.