Seera board recommends 10% share buyback
Seera Group Holding 's board of directors recommended the repurchase of up to 10% of the company's ordinary shares following the completion of the capital cut, announced earlier today, June 19.
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.
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