Eshraq shareholders approve additional share buyback for up to AED 110mln

Eshraq shareholders approve additional share buyback for up to AED 110mln

- Share buyback of AED 110 million (equivalent to 4 fils/share) to replace dividend as per the request of shareholders at the Company’s AGM

- Already completed buyback of 70 million shares at an average 48% discount to the book value

- Shareholders also renewed the approval for cross-listing of Company’s shares on Saudi Stock Exchange (Tadawul)

Abu Dhabi, UAE: Eshraq Investments PJSC ("Eshraq" or "Company") announced today that its shareholders approved acquisition of an additional 7% shares under its share buyback program for up to AED 110 million. The additional share buyback comes on the back of the request from the shareholders at its Annual General Meeting held on 28th April 2023 where shareholders recommended the Company to increase the shareholder distribution via an increased share buyback program and replace cash dividend. The buyback will capitalize on the current share price discount compared to the Company’s book value.

As of date, the company holds 93.06 million treasury shares. As part of the Company’s current buyback program, Eshraq has bought back c. 70.5 million shares since August 2022 at an average price of AED 0.4977, generating a book value gain of AED 32.73 million to its shareholders. The increased share buyback is expected to