Saudi German Health board recommends buyback of up to 4.6M shares

10:08 AM (Mecca time) Argaam
Logo ofMiddle East Healthcare Co. (Saudi German Health)

Logo of Middle East Healthcare Co. (Saudi German Health) 

The board of Middle East Healthcare Co. (Saudi German Health) recommended on Feb. 24 a buyback of up to 4.6 million shares, representing 5% of the company’s issued capital, to be held as treasury shares.

 

In a statement to Tadawul, the company said the board considers the current market price to be less than fair value, adding that the buyback would be financed through internal resources or bank facilities.

 

The recommendation will be submitted to an extraordinary general meeting (EGM) for approval.

 

Saudi German Health said it would meet all solvency requirements and submit an external auditor’s report confirming its financial solvency.

 

The company added that it does not currently hold any treasury shares of the same class and that repurchased shares will carry no voting rights at shareholders’ meetings.

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