Saudia Dairy and Foodstuff Co.’s (SADAFCO) shareholders on Dec. 18 approved the repurchase of 3.25 million shares, the company said in a bourse filing.

 

SADAFCO will retain these shares as treasury shares for five years, the statement added.

 

The buyback will be financed from the company’s internal resources. In addition, the board of directors will be authorized to complete the repurchase process either once or in several phases in a period of 12 months maximum from the general meeting date.

 

Shareholders also approved amending the board of directors’ authorities.

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