Move to buy 194 million shares likely to cost $166m
Abu Dhabi-listed investment firm Waha Capital plans to buy back up to 10 percent of its outstanding shares, pending regulatory approval, the company said on Thursday without disclosing the price it would offer.
Waha said the programme, approved by its board on Wednesday, would allow it to repurchase up to 194 million shares. The stock closed at AED3.15 in the last session, putting the buy-back's potential cost at around AED611 million ($166 million).
The buy-back will be carried out within 12 months of approval by the Securities and Commodities Authority; purchased shares will be held by the company as treasury shares, Waha Capital said in a statement.