Tasnee board proposes 66.9M buyback of treasury shares
National Industrialization Co.'s (Tasnee) board of directors recommended on March 16, initiating the necessary regulatory procedures to repurchase 66.9 million of its ordinary shares and retain them as treasury shares.
The move would be in accordance with the Capital Market Authority's (CMA) regulations, the Companies Law, and the related bylaws, Tasnee said in a statement to Tadawul.
This proposal is subject to shareholders' approval. Tasnee will announce the date for the next extraordinary general meeting, which will decide on the necessary amendments to the Articles of Association and the share buyback process, in accordance with Article 17 of the implementing regulations of the Companies Law for listed joint-stock companies.
The board believes that the stock is trading below fair value. At present, the company does not hold any treasury shares from the category subject to the buyback.
The repurchase will be financed through the company's own resources, and the repurchased shares will not have voting rights in shareholders' meetings.
Tasnee indicated that the general meeting's approval is required for both amending the Articles of Association and the buyback process, in addition to fulfilling the financial adequacy requirements stipulated in the Implementing Regulations of the Companies Law for listed joint-stock companies.
According to data available with Argaam, the shares recommended for repurchase represent 10% of the company's total shares, estimated at 668.9 million.
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