Riyadh - Mubasher: The board of Riyadh Development Company recommended the repurchase of up to 11.69 million ordinary shares.
The proposed buyback represents 5% of the company’s total shares and is intended for retention as treasury stock.
The board stated that the current market price of the stock is below its fair value.
By executing the buyback, the company aims to maximize total shareholder returns and capitalize on growth opportunities within its development projects, aligned with its "Invest for Growth" strategy. The company currently holds 0 treasury shares.
The transaction will be financed through the company's internal resources.
Completion of the buyback is subject to approval by the Extraordinary General Meeting (EGM) and the fulfillment of financial solvency requirements as stipulated in the Implementing Regulations of the Companies Law for Listed Joint Stock Companies.
Shares held in treasury will not carry voting rights during shareholder assembly meetings.
The board members earlier approved a cash dividend distribution totaling SAR 58.48 million for the first half (H1) of 2026.
