Jahez to buy back 293,800 shares to be retained as treasury shares

Logo of Jahez International Company for Information Systems Technology

The board of Jahez International Company for Information System Technology recommended the buyback of 293,770 ordinary shares maximum to be retained as treasury shares, according to a statement to Tadawul.

The board believes that the stock is trading below its fair value, and the repurchase process will be financed from the company’s internal resources and bank facilities.

The treasury shares, which currently account for 1.83% of total shares, will increase to 485,770, or 4.63% of Jahez shares. The repurchased shares will have no voting rights in general meetings, the statement added.

The buyback is subject to shareholders’ approval.