SADAFCO approves buyback of 2.75 mln shares

The board of directors of Saudia Dairy and Foodstuff Co. (SADAFCO) approved to repurchase 2.75 million shares and retain them as treasury shares , it said in a statement to Tadawul.

The purchase of the shares will be funded by the company from its own resources, the statement further said.

The board of directors has been authorized to finalize the purchase transaction within a maximum period of 12 months from the date of the extraordinary general assembly meeting.

The board also approved to hold the purchased treasury shares for a period of 5 years, and when it expires, the company will follow the necessary relevant rules and regulations.