Jahez board plans 7.6M share buyback, statutory reserve transfer to retained earnings
Jahez International Company for Information System Technology's (Jahez) board of directors recommended, on May 15, the repurchase of a maximum of 7.63 million treasury shares, representing 3.64% of the company's total shares.
In a statement to Tadawul, the company said the shares will be allocated in swap transactions for stake or asset acquisitions, the company's employee stock program, or for sale, in accordance with the regulations of the CMA, and other relevant laws.
The repurchase process will be funded through the company's internal resources or bank facilities.
The current percentage of the treasury shares stands at 3.28% of the target shares. The total number of treasury shares after the buyback process will represent 14.5 million shares maximum, or 6.91% of Jahez total shares.
This recommendation will be presented to the company's extraordinary general meeting (EGM) to obtain its approval for the buyback transaction. The company will also be required to fulfill the financial solvency requirements.
In a separate statement, the company noted that the board also recommended the transfer of the company's statutory reserve balance of SAR 18.42 million as of the Dec. 31, 2024, balance sheet and the interim financials for Q1 2025 to the retained earnings account.
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