Saudia Dairy and Foodstuff Company’s (Sadafco) board of directors has decided on Sunday, 11 November to purchase 3.25 million shares, representing 10% of the capital.
Sadafco will turn the purchased stocks into treasury shares, according to a statement on Monday to the Saudi Stock Exchange (Tadawul).
The deal will be financed through the company’s self-financing sources.
Sadafco last reported a 27.9% year-on-year profit decrease after calculating Zakat and Tax during the second quarter of fiscal year 2018/2019, reaching SAR 53.83 million, compared to SAR 74.74 million in the year-ago period.
Sadafco’s stock levelled down 1% to close Monday’s trading session at SAR 89.10.