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Seera Group Holding Announces Its Intention to Purchase its Shares
| Element List | Explanation |
|---|---|
| Introduction | Seera Group Holding (“The Group”) announces that the Board of Directors has issued a resolution recommending to the Extraordinary General Assembly the approval of a share buyback program of up to 10% of the group’s ordinary shares for the purpose of keeping them as treasury shares. |
| Board Approval's Date | 2023-11-08 Corresponding to 1445-04-24 |
| Purpose of Purchase | The purpose of the purchase is to be held as Treasury Shares |
| Purpose of Purchase (If the Purpose to Keep the Shares as Treasury Shares) | If the Board of Directors finds that the share price in the market is less than its fair value. |
| Number of Shares to be Bought | 26443812 |
| Shares Class and type | Ordinary Shares |
| Method of Financing the Purchasing Process | The purchase of the shares will be funded through the Group’s internal resources. |
| Current Percentage of the Treasury Shares at the Company out of the Total Class of Shares Purchased | 1.19% |
| Approvals and Meeting the Conditions of Financial Appropriateness | 1. The approval of the Extraordinary General Assembly shall be obtained in the next EGA for the shares buy-back as per the requirements of sub-article (4) of Article (17) of the Implementing Regulations of the Companies’ Law for Listed Joint Stock Companies. 2. The Company will also satisfy the conditions of solvency requirements as set out in sub-article (3) of article (17) of the Implementing Regulation based on a Solvency report that will be issued by the Company’s external auditors, which will be attached along with the Extraordinary General Assembly invitation that will approve this transaction as per regulation. |
| Voting Right | Purchased Shares Shall not Have Voting Rights in the General Assembly’s Meetings |
| Additional Information | It should be noted that the Group's capital allocation strategy aims to maximize free cash flow per share, and that the Group's share buyback program is one of the mechanisms to achieve this goal which will be financed through divestments of non-strategic, non-core assets as per the strategy announced on 08/11/2023G. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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Last Price 20.26
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Value Traded (Sar) 11,318,366.8
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