SAIC board proposes to buy back 2.5 mln shares

Logo of Saudi Advanced Industries Co.

Saudi Advanced Industries Co. (SAIC) board of directors approved today, June 29, the buyback of no more than 2.5 million shares, or 5% of the company's capital, within 12 months to retain as treasury shares, according to a bourse filing.

The share buyback will be financed from the company's cash resources and credit facilities.

The board of directors also delegated the managing director the power to purchase at the appropriate price, provided that the recommendation is submitted to the company's extraordinary general meeting (EGM) for approval.

The recommendation will also be submitted to the relevant authorities, while applying the terms and regulations for the purchase of treasury shares.

The company does not currently own any treasury shares, the statement noted.