Hail Cement BOD recommends buying up to 5% of company shares, keeping them as treasury shares

Hail Cement Company announced on Thursday the Board of Directors’ decision to recommend to the Extraordinary General Assembly to purchase up to 5% of the company’s ordinary shares and hold them as treasury shares.

It added that the purpose of purchase (If the purpose to keep the shares as treasury shares) will be kept as treasury shares where the Board of Directors considers that the current share price is less than its fair value. The number of shares to be bought is 4895000.

It also added that the purchase of shares will be financed from HCC’s own resources using its cash balances and/or credit facilities.

The Extraordinary General Assembly consent must be obtained for the purchase, also conditions of financial appropriateness as provided in paragraph three of article twelve of the regulatory standards and procedures issued pursuant to the companies’ law shall be met.

The purchased shares shall not have voting rights in the General Assembly’s Meetings