Riyadh – Mubasher: The extraordinary general meeting (EGM) of Saudia Dairy and Foodstuff Company (SADAFCO) approved to purchase up to 2.749 million company shares to be used as treasury shares.

The step comes as the board of directors believes that the company's share price is less than its fair value, according to a bourse statement on Thursday.

Moreover, the board has been authorised to finalise the purchase transaction within a maximum period of 12 months from the EGM meeting date. The share purchase process will be funded through the company’s own resources.

The EGM further approved to hold the purchased treasury shares for a period up to 5 years, after which the company will follow the necessary relevant rules and regulations.