Saudi's SADAFCO plans to buy back 8.5% of shares

Saudia Dairy and Foodstuff Company intends a buyback of up to 2.74mln shares

  
An investor gestures as he monitors a screen displaying stock information in Riyadh, Saudi Arabia, November 6, 2017.

An investor gestures as he monitors a screen displaying stock information in Riyadh, Saudi Arabia, November 6, 2017.

REUTERS/Faisal Al Nasser
Riyadh –  Saudia Dairy and Foodstuff Company (SADAFCO) intends to buy back up to 8.46% of its own shares over the coming 12 months, according to a bourse filing on Sunday.

SADAFCO intends a buyback of up to 2.74 million shares, noting that 1.539% or 500,250 of the shares have already been purchased.

The firm noted that the purchased shares will be held and used as treasury shares, as the company’s board considers that “the share price on Tadawul is lower than its fair value,” according to the disclosure.

Source: Mubasher

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