First Avenue board proposes 3M share buyback

27/08/2025 Argaam
First Avenue board recommends 3M share buyback as treasury shares currently represent 7.36% of the total ordinary shares

First Avenue board recommends 3M share buyback as treasury shares currently represent 7.36% of the total ordinary shares

First Avenue for Real Estate Development Co.’s board of directors proposed repurchasing up to 3 million ordinary shares to be held as treasury shares, according to a statement to Tadawul.

 

The company said the buyback would be financed from internal resources and used to support expansion through swaps, exchanges, or acquisitions of shares, stakes, or assets aligned with its business.

 

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Treasury shares currently represent 7.36% of total ordinary shares. The repurchase would be executed within 12 months of the extraordinary general meeting (EGM) approval, with the shares to be held for no longer than five years.

 

The buyback remains subject to the EGM approval and other regulatory requirements, the company said, adding that the repurchased shares carry no voting rights.

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