Hail Cement shareholders approve to buy back 4.9 mln treasury shares

Hail Cement plant

Shareholders of Hail Cement Co. will vote on the buyback of 4.9 million shares, during the extraordinary general meeting (EGM) held on June 28, according to a bourse filing.

These shares will be retained as treasury shares, as the board indicated that the stock trades below its fair value. The buyback will be financed by the company’s own resources or credit facilities.

The board of directors was also authorized to finalize the repurchase process within 12 months maximum from the EGM date.

The company will retain the repurchased shares for 10 years maximum.