Logo of Riyadh Development Company (ARDCO)
Riyadh Development Co.’s extraordinary general assembly (EGM) approved, on Nov. 12, the buyback of up to 11.7 million of its treasury shares, according to a Tadawul statement. 
The move comes as the board believes that the company’s share price is below its fair value. The buyback will be financed through the company’s own resources.
The approval authorizes the board to complete the buyback within a maximum period of 18 months from the date of the EGM resolution.
The developer will retain the purchased shares for a maximum of five years from the date of the EGM’s approval. Upon expiry of this period, it will follow the procedures and controls stipulated in the relevant laws and regulations.
According to Argaamdata, Riyadh Development’s board recommended in September buying back of up to 11.7 million shares, representing 5% of its total shares, to be held as treasury shares.
Logo of Riyadh Development Company (ARDCO)
Riyadh Development Co.’s extraordinary general assembly (EGM) approved, on Nov. 12, the buyback of up to 11.7 million of its treasury shares, according to a Tadawul statement.
The move comes as the board believes that the company’s share price is below its fair value. The buyback will be financed through the company’s own resources.
The approval authorizes the board to complete the buyback within a maximum period of 18 months from the date of the EGM resolution.
The developer will retain the purchased shares for a maximum of five years from the date of the EGM’s approval. Upon expiry of this period, it will follow the procedures and controls stipulated in the relevant laws and regulations.
According to Argaamdata, Riyadh Development’s board recommended in September buying back of up to 11.7 million shares, representing 5% of its total shares, to be held as treasury shares.
