Sipchem announced its Board of Director’s (BoD) recommendation to purchase up to 10% of its shares, which will be financed from the company’s resources. The repurchased shares will be held as treasury shares through cash balances or credit facilities and amount to a maximum of 73,333,333 shares. It is worth noting that the company currently holds 0.0003% of its ordinary shares as treasury shares, and that all repurchased shares will have no voting rights. The share buyback is pending shareholders’ approval at the company's EGM, the date of which has not yet been announced.
SIPCHEM: SAR15.60 as of 08 Dec 2019, Rating: Buy, TP: SAR22.00/share, MCap: USD3,051mn, SIPCHEM AB/2310.SE