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These 10 Saudi companies are set to buy back shares
Ten Saudi-listed companies decided to repurchase part of their shares over the coming period, data compiled by Argaam showed.
These shares will be retained as treasury shares for different purposes.
According to the Companies Law, listed firms can buy back shares to be retained as treasury shares, provided that, they should not exceed 10% of total shares.
A share buyback is subject to the approval of the extraordinary general meeting (EGM), as the number of repurchased shares, purpose of the share buyback and financing method will be determined. Also, the board of directors will be authorized to finalize the share repurchase in 12 months maximum of the EGM date.
The repurchase price should not exceed 5% of the share closing price in the day prior to the share buyback.
Shares can be repurchased as treasury shares in these cases:
- The stock trades below fair value;
- Repayment to convertible bond holders;
- Swap deals;
- Employee stock option (ESO);
- Other purposes approved by the Capital Market Authority (CMA).
|
Saudi-listed Firms planning to Buyback part of their Shares |
|||||
|
Company |
Number of shares (mln) |
Disclosed maximum value (SAR mln) |
Board approval date |
Percent to total shares (%) |
Objective |
|
Sipchem |
73.33 |
-- |
Dec. 8, 2019 |
10.00% |
Haven’t determined the purpose of acquiring treasury stocks |
|
SADAFCO* |
2.75 |
-- |
Nov. 3, 2019 |
8.46% |
Maintaining stock price stability |
|
Zamil Industrial |
3.00 |
50.00 |
March 26, 2020 |
5.00% |
Maintaining stock price stability |
|
Almarai* |
10.00 |
-- |
March 8, 2020 |
1.00% |
To be allocated to employees’ incentive program |
|
Electrical Industries |
0.35 |
-- |
April 5, 2020 |
0.78% |
To be allocated to employees’ incentive program |
|
Albilad |
5.00 |
-- |
April 16, 2020 |
0.67% |
To be allocated to employees’ incentive program |
|
STC* |
5.50 |
300.00 |
March 17, 2020 |
0.28% |
To be allocated to employees’ incentive program |
|
BSF |
3.00 |
-- |
April 16, 2020 |
0.25% |
To be allocated to employees’ incentive program |
|
eXtra |
0.10 |
-- |
March 18, 2020 |
0.20% |
To be allocated to employees’ incentive program |
|
Savola |
0.70 |
-- |
Jan. 29, 2020 |
0.13% |
To be allocated to employees’ incentive program |
*Obtained general assembly’s approval.
On March 31, 2020, the Saudi Stock Exchange (Tadawul) said in a report that 18 Saudi companies retained 161.3 million treasury shares for the employee stock option in addition to other corporate purposes.
|
Details of Companies’ Ownership of their Shares by Q1 2020 |
||||||
|
Company |
Shares held under employee share schemes |
Shares held for other purposes |
Total |
|||
|
Number of shares |
% of total issued shares |
Number of shares |
% of total issued shares |
Number of shares |
As % of total issued shares |
|
|
SAIB |
-- |
-- |
74,995,210 |
9.99% |
74,995,210 |
9.99% |
|
Dallah |
-- |
-- |
3,740,000 |
4.98% |
3,740,000 |
4.98% |
|
eXtra |
2,000,000 |
4.00% |
-- |
-- |
2,000,000 |
4.00% |
|
Seera |
-- |
-- |
6,490,000 |
2.16% |
6,490,000 |
2.16% |
|
Samba |
11,603,016 |
0.58% |
30,750,680 |
1.53% |
42,353,696 |
2.11% |
|
Almarai |
21,034,315 |
2.10% |
-- |
-- |
21,034,315 |
2.10% |
|
Amiantit |
577,383 |
1.67% |
-- |
-- |
577,383 |
1.67% |
|
SADAFCO |
-- |
-- |
500,250 |
1.53% |
500,250 |
1.53% |
|
Saudi Ceramics |
-- |
-- |
500,000 |
0.83% |
500,000 |
0.83% |
|
Nama Chemicals |
165,406 |
0.70% |
-- |
-- |
165,406 |
0.70% |
|
Bupa Arabia |
554,307 |
0.46% |
-- |
-- |
554,307 |
0.46% |
|
Electrical Industries |
-- |
-- |
187,133 |
0.41% |
187,133 |
0.41% |
|
NCB |
5,795,841 |
0.19% |
-- |
-- |
5,795,841 |
0.19% |
|
SABB |
2,029,803 |
0.09% |
-- |
-- |
2,029,803 |
0.09% |
|
Sipchem |
206,242 |
0.02% |
-- |
-- |
206,242 |
0.02% |
|
Petro Rabigh |
191,063 |
0.02% |
-- |
-- |
191,063 |
0.02% |
|
Eastern Cement |
-- |
-- |
8,398 |
0.01% |
8,398 |
0.01% |
|
National Gypsum |
2,138 |
0.01% |
-- |
-- |
2,138 |
0.01% |
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