Jahez intends to purchase 293.7 thousand shares of its shares, keep them as treasury share

Jahez International Company for Information System Technology (Jahez) announced the board of director’s resolution to recommend the Extraordinary General Assembly to approve the purchase of its own shares with a maximum number of (293,770) shares for the purpose of keeping them as treasury shares.

The purchase of these shares will be funded through the company’s internal resources or bank facilities.

In addition, the approval of the Extraordinary General Assembly shall be obtained in the nearest meeting for the shares buyback as per the requirements of sub-article (4) of Article (17) of the Implementing Regulations of the Company law for Listed Joint Stock Companies.

The Company will also satisfy the conditions of solvency requirements as set out in sub-article (3) of article (17) of the Implementing Regulation based on a Solvency report that will be issued by the Company’s external auditors, which will be attached along with the Extraordinary General Assembly invitation that will approve this transaction as per regulation.

The total number of treasury shares will represent – as maximum – four hundred and eighty-five thousand seven hundred and seventy shares, equalling 4.63% of the total shares of Jahez.

The company stated that the purpose of the purchase, aiming at keeping them as treasury shares, is that the Board of Directors considers the share price in the market to be less than its fair value.