Atlas Elevators shareholders OK buyback of 300,000 treasury shares

04/03/2024 Argaam
Logo ofAtlas Elevators General Trading and Contracting Co.

Logo of Atlas Elevators General Trading and Contracting Co.

Shareholders of Atlas Elevators General Trading and Contracting Co. approved repurchasing a maximum of 300,000 treasury shares, during the extraordinary general meeting (EGM) held on March 3.

 

Shares will be repurchased as the stock’s market price is less than fair value, the company said in a statement to Tadawul, adding that the buyback will be self-financed.

 

The board of directors will be authorized to complete the repurchase process within a maximum period of 12 months from the EGM approval date.

 

Atlas will retain the repurchased shares for 24 months maximum from the same date. The company will follow the procedures stipulated in the relevant regulations and laws after the expiry of this period.

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