Seera board recommends 10% share buyback to be held as treasury shares

Seera Group Holding Co. announced on Thursday that its board of directors has recommended the repurchase of up to 10% of the company’s total shares, to be retained as treasury shares, following the completion of the announced capital reduction process.

The board said the recommendation is based on its view that the company’s share price in the market is below its fair value.

According to a disclosure on Tadawul, Seera plans to repurchase approximately 26.9 million shares, with the transaction to be funded from internal resources.

The company noted that treasury shares currently account for 8.8% of total share capital. Upon completion of the capital reduction through the cancellation of a portion of treasury shares, that percentage is expected to fall to 0.18%.

The proposed buyback remains subject to approval by the Extraordinary General Assembly at its next meeting, in line with paragraph (4) of Article (17) of the Implementing Regulations of the Companies Law for listed joint stock companies.

Seera added that it will fulfill the financial solvency requirements outlined in paragraph (3) of the same article, based on a solvency report to be issued by its external auditor.