Leejam Sports EGM OKs 3.3M share buyback

Leejam’s shareholders approved a plan to buy back up to 3.3 million of its own shares to be held as treasury shares

Leejam Sports Co.’s shareholders approved a plan to buy back up to 3.3 million of the company’s shares to be held as treasury shares, during an extraordinary general meeting (EGM) held on Oct. 23.

In a statement to Tadawul, the company said its board believes the stock is undervalued. The buyback will be financed through internal resources or bank facilities.

Shareholders authorized the board to complete the repurchase within a maximum of 18 months from the EGM date.

The company may hold the repurchased shares for up to 10 years from the approval date, after which it will comply with the relevant procedures and regulations.

According to data available with Argaam, the shares proposed for repurchase represent 6.3% of the company’s total outstanding 52.38 million shares.