Saudia Dairy and Foodstuff Co. (SADAFCO) shareholders approved, during an extraordinary general assembly meeting (EGM) held on Nov. 18, buyback of up to 2.75 million treasury shares, where the board of directors believe 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, SADAFCO said in a statement to Tadawul.
The shareholders also approved to hold the purchased treasury shares for a period up to five years, after which the company will follow the necessary relevant rules and regulations.
They also authorized the board to finalize the transaction within 12 months from the date of the EGM.
The meeting also approved to elect members of the board of directors from among the candidates for the next three-year session, which starts April 1, 2021.
The elected board members are Sheikh Hamad Sabah Al-Ahmad, Faisal Hamad Mubarak Al-Ayyar, Abdallah Yaqoob Bashara, Saeed Ahmed Basamh, Ahmad Muhammad Hamid Al-Marzouki, Suleiman Saud Jarallah Al-Jarallah, Musaed Abdullah Al-Nassar, Hani Abdulaziz Ahmed Saab, and, Abdullah Hamdan Abdullah Al-Nassar.
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