SADAFCO to Purchase 2,749,750 Company Shares to be used as Treasury Shares

SADAFCO Co. announced on Tuesday the results of the Extraordinary General Assembly Meeting (First Meeting) that was held on Monday with percentage of attending shareholders 63.92%.

The Extraordinary General Assembly approved on purchase of up to (2,749,750) company shares to be used as treasury shares, whereas the Board of Directors believes that the Company’s share price is less than its fair value.

“Purchase of shares will be funded by the Company from its own resources, and authorizing the BOD to finalize the purchase transaction, in one or several stages, within a maximum period of twelve (12) months from the date of the Assembly’s approval, and to retain the purchased treasury shares for a maximum period of 5 years from the EGM approval date.” It said.