Burgerizzr board recommends 1.3M share buyback

Logo of Shatirah House Restaurant Co. (Burgerizzr)

Shatirah House Restaurant Co.’s (Burgerizzr) board recommended today, May 20, a buyback of 1.3 million shares to be held as treasury shares, according to a statement to Tadawul.

The company said 1 million of the repurchased shares will be allocated for swap transactions tied to acquisitions of shares or stakes in a company, or the purchase of an asset, while the remaining 300,000 shares will be allocated to employees under its employee share program to support the company’s strategic objectives.

The buyback will be financed through bank facilities, internal resources, or a combination of both, while Burgerizzr said it currently holds no treasury shares from the class of shares subject to the repurchase.

The company said the repurchase remains subject to approval by the extraordinary general meeting (EGM), which will authorize the board to complete the transaction within a maximum of 18 months from the approval date.

The repurchased treasury shares will not carry voting rights at shareholders’ meetings, Burgerizzr said, noting that the proposed buyback represents 2.32% of its total share capital.