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Tue 21 Oct 2014 01:12 PM

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Waha Capital gets regulatory nod for share buyback

Abu Dhabi-listed investment firm says it plans to repurchase up to 194 million shares

Waha Capital gets regulatory nod for share buyback

Abu Dhabi-listed investment firm Waha Capital has secured regulatory approval to buy back up to 10 percent of its outstanding shares, the company said in a bourse filing on Tuesday without disclosing the price it would offer.

Waha said last month the programme would allow it to repurchase up to 194 million shares. The stock closed at 2.68 dirhams in the last session, putting the buy-back's potential cost at around AED520 million ($142 million).

The firm has also said the buyback will be carried out within 12 months of approval by the Securities and Commodities Authority.

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