Leejam Sports EGM to vote on 3.3M share buyback on Oct. 23

Leejam Sports Co. plans up to 3.3 million share buyback that will be funded through the company’s own resources or bank facilities

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

In a statement to Tadawul, the company said its board of directors believes the stock is undervalued. The buyback will be funded through the company’s own resources or bank facilities.

Leejam’s shareholders will also vote on authorizing the board to complete the repurchase within a maximum of 18 months from the EGM decision date.

The company will retain the repurchased shares for up to 10 years from the EGM approval date, after which it will comply with the procedures and regulations stipulated in the applicable laws.

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