• 08 Nov 2023

Element List Explanation
Introduction Seera Group Holding ("The Group") announces that the Board of Directors has issued a resolution recommending to the Extraordinary General Assembly the approval of a share buyback program of up to 10% of the group’s ordinary shares for the purpose of keeping them as treasury shares.
Board Approval’s Date 2023-11-08 Corresponding to 1445-04-24
Purpose of Purchase The purpose of the purchase is to be held as Treasury Shares
Purpose of Purchase (If the Purpose to Keep the Shares as Treasury Shares) If the Board of Directors finds that the share price in the market is less than its fair value.
Number of Shares to be Bought 26443812
Shares Class and type Ordinary Shares
Method of Financing the Purchasing Process The purchase of the shares will be funded through the Group’s internal resources.
Current Percentage of the Treasury Shares at the Company out of the Total Class of Shares Purchased 1.19%
Approvals and Meeting the Conditions of Financial Appropriateness 1. The approval of the Extraordinary General Assembly shall be obtained in the next EGA for the shares buy-back as per the requirements of sub-article (4) of Article (17) of the Implementing Regulations of the Companies’ Law for Listed Joint Stock Companies.

2. The Company will also satisfy the conditions of solvency requirements as set out in sub-article (3) of article (17) of the Implementing Regulation based on a Solvency report that will be issued by the Company’s external auditors, which will be attached along with the Extraordinary General Assembly invitation that will approve this transaction as per regulation.

Voting Right Purchased Shares Shall not Have Voting Rights in the General Assembly’s Meetings
Additional Information It should be noted that the Group’s capital allocation strategy aims to maximize free cash flow per share, and that the Group’s share buyback program is one of the mechanisms to achieve this goal which will be financed through divestments of non-strategic, non-core assets as per the strategy announced on 08/11/2023G.

Discover more

All announcements