RIYADH: Saudi Hail Cement Co’s board has proposed a buyback plan to purchase 4.9 million shares of the firm’s own securities and hold them as treasury shares.
HCC will buy up to 5 percent of its capital, which currently stands at SR979 million ($261 million), it said in a filing to the Saudi exchange.
It added the transaction will be financed from the company’s resources, including cash balances and credit facilities.
The board of directors said the reason for proposing the buyback is that they consider the current share price is less than its fair value.