Budget Saudi's board backtracks on share buyback proposal

Logo of Budget Saudi

United International Transportation Co.'s (Budget Saudi) board of directors decided not to move forward at present with its previous recommendation to buy back shares and retain them as treasury shares, according to a statement to Tadawul today, April 13.

This came in keenness to apply the highest standards of governance and transparency by informing shareholders and the market on essential material events that concern the company and to make information available fairly.

The company's board of directors recommended, on July 28, 2022, the buyback of up to 7.12 million shares, or a maximum of 10% of the total issued shares, to be retained as treasury shares, according to Argaam's available data.