Sumou Real Estate Co. said it plans to repurchase up to one million of its ordinary shares to be held as treasury shares.
In a statement to Tadawul, the company said its board believes the stock is trading below its fair value.
The buyback will be financed through Sumou’s own resources.
The repurchase is subject to approval by the extraordinary general meeting (EGM) and compliance with the financial solvency requirements set out in the Implementing Regulations of the Companies Law for listed joint-stock companies.
Sumou currently holds no treasury shares. The repurchased shares will not carry voting rights at shareholders’ general assemblies, the statement added.
Sumou Real Estate Co. said it plans to repurchase up to one million of its ordinary shares to be held as treasury shares.
In a statement to Tadawul, the company said its board believes the stock is trading below its fair value.
The buyback will be financed through Sumou’s own resources.
The repurchase is subject to approval by the extraordinary general meeting (EGM) and compliance with the financial solvency requirements set out in the Implementing Regulations of the Companies Law for listed joint-stock companies.
Sumou currently holds no treasury shares. The repurchased shares will not carry voting rights at shareholders’ general assemblies, the statement added.
