Najran Cement completes buyback of 5.24M shares worth SAR 43.85M

Logo of Najran Cement Co.

Najran Cement Co. announced completing the repurchase of shares to retain as treasury shares, based on the approval of the company’s extraordinary general assembly (EGM) held on Dec. 22, 2024.

In a statement to Tadawul, the company explained that the number of shares repurchased is 5.24 million, representing 3.08% of its capital, at an average price of SAR 8.37 per share, totaling SAR 43.85 million.

The cement producer noted that the buyback completion reflects its strong financial position and commitment to boosting shareholders' equity while maintaining adequate liquidity and financial flexibility to support its operations and future growth plans.

According to Argaam’s data, Najran Cement’s shareholders approved, in Dec. 2024, the buyback of a maximum of 17 million shares to be retained as treasury shares, as the board believes that the stock trades below its fair value.

The buyback should have been self-financed through the company’s cash balances or credit facilities, the cement producer earlier said.