Atlas Elevators shareholders to vote on 300,000 share buyback on March 3

11/02/2024 Argaam
Logo ofAtlas Elevators General Trading Contracting Co.

Logo of Atlas Elevators General Trading & Contracting Co.

Atlas Elevators General Trading & Contracting Co.’s extraordinary general meeting (EGM) will vote on March 3 on the buyback of 300,000 of its shares to be retained as treasury shares.

 

The repurchase will be financed from the company’s funds. The board will be authorized to finalize the buyback process within 12 months maximum from the EGM date, according to a statement to Tadawul.

 

The repurchased shares will be retained for a period not exceeding 24 months from the EGM date. After the expiration of this period, the company will follow the procedures and controls stipulated in the relevant laws and regulations, the statement added.

 

The board recommended the buyback of 5% of the company’s shares last month, deeming the market price below the fair value, according to data compiled by Argaam.

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