Riyadh - Mubasher: The Board of Directors of Saudi Dairy and Foodstuff Company (SADAFCO) called on shareholders to participate and vote in the Extraordinary General Assembly meeting (first meeting), scheduled to be held on the evening of Tuesday, December 17, 2024, via modern technology.

Sedafco said in a statement on the Tadawul website today, Thursday, that the agenda includes voting on the company’s purchase of a number of its shares, up to a maximum of 2.75 million shares , and keeping them as treasury shares, noting that the board of directors and its delegates believe that the share price in the market is less than its fair value.

The company added that the purchase process will be financed from the company's own resources, and the Board of Directors is authorized to complete the purchase process in one or more stages within a maximum period of 12 months from the date of the Extraordinary General Assembly's decision. The company will retain the purchased shares for a maximum period of 5 years from the date of the Extraordinary General Assembly's approval. After this period expires, the company will follow the procedures and controls stipulated in the relevant systems and regulations.

SADAFCO pointed out that the agenda also includes voting on transferring the statutory reserve balance of SAR 162.5 million as in the semi-annual financial statements ending on June 30, 2024 to the retained earnings balance, and voting on transferring the voluntary reserve balance of SAR 392.22 million as in the semi-annual financial statements ending on June 30, 2024 to the retained earnings balance.