SACO shareholders approve 2022 dividend freeze, share buyback

Logoof Saudi Company for Hardware (SACO)

Saudi Company for Hardware’s (SACO) shareholders approved withholding dividends for 2022 during the extraordinary general meeting (EGM) held on June 14, according to a statement to Tadawul. 

They also endorsed the buyback of 350,000 shares maximum to be retained as treasury shares as the company’s board believes shares are trading below their fair value. The share buyback will be financed from SACO’s internal resources. 

The board was granted authority to carry out the share repurchase in 12 months maximum from the general meeting decision. The shares will be retained for five years maximum from the EGM date. 

Shareholders also approved electing board members for the next three-year term starting July 20, 2023. 

The elected members are Mishal Al Hukair, Sameer Alhamidi, Khaled Alhamidi, Haytham Alhamidi, Mohammed Al Qatari, Faisal Al Fuhaid, Sameer Baeasa, Eyad Al Daalouj and Saleh Al Mubarak.