Hail Cement Company announced the issuance of the Board of Directors’ decision to recommend to the Extraordinary General Assembly to purchase up to 5% of the company’s ordinary shares and keep them as treasury shares.
Hail Cement said in a statement on “Saudi Tadawul”, today, Thursday, that the board of directors believes that the current share price is less than its fair value.
It added that the number of shares to be purchased is about 4.895 million ordinary shares.
The company stated that it will finance the purchase of shares from the company’s own resources using its cash balances or credit facilities.
Hail Cement indicated the need for the extraordinary general assembly to approve the purchase process, as well as fulfilling the conditions for financial adequacy mentioned in the third paragraph of Article Twelve of the regulatory controls and procedures issued in implementation of the Companies Law.
The share of Hail Cement declined by 0.76% at the close of trading on Wednesday, at a price of 13.32 riyals, with a turnover of about 2.98 million riyals through trading on about 224.77 thousand shares.
