Seera board recommends 10% share buyback
According to a statement to Tadawul, these shares will be retained as treasury shares since the board believes the stock is currently undervalued compared to its fair value.
The number of shares to be repurchased amounts to approximately 26.92 million, the statement noted, adding that the transaction will be funded through the company's own resources.
The company said that this proposal is pending shareholders' approval and is subject to meeting all regulatory conditions.
Additionally, the company affirmed that it will comply with the solvency requirements, as per the solvency report issued by the company's external auditor.
The repurchased shares shall not have voting rights at general meetings, the statement added.
Seera's board further recommended an 8.65% capital cut, or 8.65 shares for every 100 shares held, by canceling 25.95 million ordinary treasury shares. This includes approximately 2.03 million ordinary shares allocated to the company's employee stock program.
Treasury shares currently account for 8.8% of total shares. Following the proposed cancellation, treasury shares would represent approximately 0.18% of the company's share capital.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
8 hours ago
- Arab News
Dusit expands Saudi portfolio with new resort in Al-Ahsa
Thai hospitality company Dusit International has signed a hotel management agreement with Al-Ghadeer Group to operate dusitD2 Al-Ahsa — a new upper-upscale resort in the heart of Al-Ahsa Oasis, a UNESCO World Heritage Site in the eastern part of the Arabian Peninsula. The signing ceremony was held under the patronage of Al-Ahsa Gov. Prince Saud bin Talal, and was attended by notable dignitaries including Naif Al-Madi, chief business officer of the Tourism Development Fund; Sheikh Bassem Al-Ghadeer, chairman of Al-Ghadeer Group of Companies; and Gilles Cretallaz, chief operating officer of Dusit International. Located just 30 minutes by car from Al-Ahsa International Airport and 90 minutes from Dammam, dusitD2 Al-Ahsa is set amidst palm-fringed landscapes and dramatic mountain vistas. The resort will offer 120 spacious suites, ranging from one-bedroom to three-bedroom configurations, each with a private terrace and plunge pool, providing an elevated sense of privacy and relaxation. Designed by Cairo-based El-Ghoneimi Architects, the resort's masterplan draws inspiration from the desert's timeless beauty, the nearby mountains, and the life-giving symbolism of the palm tree. Guests will enjoy a comprehensive range of premium facilities, including a wellness center with private treatment rooms, meditation areas, and dedicated spaces for yoga and holistic healing; an elegant 1,500-square-meter ballroom and expansive outdoor event lawn for weddings and large social or corporate gatherings; well-equipped meeting rooms for business travelers; a vibrant all-day dining restaurant; a lobby café offering light gourmet fare; a large outdoor swimming pool with an adjoining kids' pool; and a dedicated kids club providing engaging activities in a safe and stimulating environment. Surrounded by cultural and ecological treasures such as Al-Qarah Mountain, Juatha Park, and the historic Qaisariah Souq, the resort is ideally positioned to serve as a gateway for domestic and international travelers seeking meaningful experiences and immersive stays amid the largest oasis in the world. 'This important signing reflects our strategic commitment to bringing Dusit's unique brand of Thai-inspired, gracious hospitality to key destinations worldwide and our dedication to delivering sustainable value for the communities we serve,' said Cretallaz. 'We are delighted to partner with Al-Ghadeer Group to create a destination that celebrates Al-Ahsa's rich heritage and natural beauty while offering exceptional comfort, modern luxury, responsible design, and memorable experiences for guests of all ages.' Set to open in 2027, dusitD2 Al-Ahsa underscores Dusit International's continued expansion in the Middle East, where the company currently operates nine properties and continues to explore opportunities to deliver holistic hospitality experiences across the region. It is the second Dusit-branded property confirmed for Saudi Arabia, following the upcoming opening of Dusit Princess Al-Majma'ah, Riyadh, scheduled for Q4 this year.
Arab News
9 hours ago
- Arab News
Jeddah governor receives Ghana's consul general
JEDDAH: Jeddah Gov. Prince Saud bin Abdullah bin Jalawi received Ghana's Consul General Abdul Rahaman Adam at his office on Monday. The officials held discussions on topics of common interest. The Saudi leadership aims to boost ties with African countries at all levels. Last month, Saudi Deputy Minister of Foreign Affairs Waleed Elkhereiji reaffirmed the Kingdom's commitment to strengthening cooperation and partnership with African countries, promoting trade and integration and enhancing consultation and coordination on shared issues. The minister described Africa as a continent of opportunities with natural resources, a young population and renewable potential. 'Africa hosts the largest number of Saudi diplomatic and consular missions, and the Kingdom intends to increase its embassies in Africa to more than 40 in the coming years,' he said.
Argaam
9 hours ago
- Argaam
CMA seeks public input on public offering of investment funds
Logo of Capital Market Authority (CMA) The Capital Market Authority (CMA) invited all interested parties to submit their views on enabling investors in the Saudi Exchange to invest in investment funds, which were previously offered privately through the regulatory framework for investment funds. The consultation period is 30 days, ending on September 10, 2025. The proposed draft aims to develop the regulatory framework for investment funds and provide new products in Tadawul by allowing investment funds established for engaging in direct and indirect financing activities to offer their units in a public offering. This will help provide an additional financing channel that supports economic growth and meets its financing needs, and will enable the growth of the asset management industry, increase the total assets under management, and diversify the investment assets available to all investors in Tadawul, the regulator said, in a statement. It indicated that the key elements of the proposed draft include providing additional structures for finance investment funds, by publicly offering and listing them on the Main Market (TASI) and the Nomu-Parallel Market, as their offering is currently limited to private placements.
