Amanat Holdings, which invests in healthcare and education across the MENA region, said it would use existing cash reserve to buyback five percent of the company’s outstanding shares.
The company also announced a dividend distribution of AED100 million ($27.23 million) for the full year 2022, amounting to 4 fils per share. This represents 88 percent of profit.
Amanat Holdings noted that the share buyback programme will enable an optimised capital structure and enhance value creation.
The buyback price per share will be set up to the current book value per share, representing a 19 percent premium over the ex-dividend market price at the close of trading on 17th April. On Wednesday, the share had closed at 93 fils.
Hamad Abdullah Alshamsi, chairman, Amanat, said: “The share buyback programme underscores our belief that Amanat’s shares are attractively priced and offer a compelling investment opportunity, highlighting our confidence in our business model and growth trajectory.
“Concurrently, the doubling of our dividends from pre-2020 levels reflects our commitment to delivering value for our shareholders through a combination of growth and a higher dividend payout.
“Going forward, we continue to see significant opportunities to leverage Amanat’s core capabilities in investment sourcing and platform development to unlock further growth and deliver additional value for our shareholders.”
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