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Mon 5 Jan 2009 11:14 AM

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Saudi issues draft law for shares buyback

Senior gov't official says 20 of the 126 listed firms have asked for permission.

Saudi Arabia has issued a draft law that would allow listed firms to buy back their shares, a senior government official said in remarks published on Monday.

"These regulations will be examined by the relevant bodies including the Shura Council before being approved and for the law to take a final form," Commerce and Industry Ministry Undersecretary Hassan Agueel was quoted as saying by Okaz newspaper.

Twenty of the 126 listed firms have asked the ministry for permission to buy back their shares after the bourse crashed to its lowest level in four years last year. (Reuters)

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Peter 11 years ago

Great, now they can buy back their penny stocks for a farthing! The worst thing is removing the minorities will allow these firms to fudge their numbers and get away with profligate incompetence and greed.