Saudi Company for Hardware (SACO) shareholders approved on March 5 the repurchase of up to 224,400 treasury shares, according to a statement to Tadawul.
The company said that the recommendation is based on the board’s view that the stock’s market price is below its fair value.
The buyback will be financed through the company’s internal resources. The board of directors was authorized to complete the repurchase within 12 months from the EGM approval date.
Repurchased shares will be held for a maximum of five years from the EGM approval date, after which the company will follow procedures stipulated in applicable laws and regulations.
The target shares represent 0.62% of SACO’s total 36 million shares, according to Argaam data.
Saudi Company for Hardware (SACO) shareholders approved on March 5 the repurchase of up to 224,400 treasury shares, according to a statement to Tadawul.
The company said that the recommendation is based on the board’s view that the stock’s market price is below its fair value.
The buyback will be financed through the company’s internal resources. The board of directors was authorized to complete the repurchase within 12 months from the EGM approval date.
Repurchased shares will be held for a maximum of five years from the EGM approval date, after which the company will follow procedures stipulated in applicable laws and regulations.
The target shares represent 0.62% of SACO’s total 36 million shares, according to Argaam data.
