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The Board considers that the recent weakness in the share price has provided an attractive opportunity for the company to purchase its own shares and expects that purchases will be made by the Company on an opportunistic basis.
Mr. Iyad Duwaji, Chief Executive Officer of SHUAA Capital, commented:
"The recent fall in SHUAA's share price below it book value has prompted us to initiate a share buy-back. We continue to be totally focussed on creating value for shareholders and growing our business. All our fees business lines are cash flow positive, and we have a strong balance sheet which provide us the flexibility to capitalize on the opportunities that today's market represent."
SHUAA also announces the decision of the Board of Directors to amend Article (51) of the Company's Articles of Association, changing the financial year from 1 April to 31 March of each year to begin on 1 January and end on 31 December of each year, subject to receiving the consent of the Central Bank. This change has been made following the approval obtained from shareholders during the extraordinary general meeting held in June 2008.
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Posted by Rana Mesbah
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