ADX-listed Eshraq Investments to cross-list on Saudi Tadawul, spend Dh110m on buyback

ADX-listed Eshraq Investments to cross-list on Saudi Tadawul, spend Dh110m on buyback

Dubai: ADX-listed Eshraq Investments will go in for a Dh110 million share buyback program, which will bring an additional 7 per cent under its fold. Shareholders have given their consent for the offer, part of a program that’s been underway since August last. The company will also be dual listing with a presence on the Saudi Tadawul. So far, Eshraq – which has investments across sectors - has bought back 70.5 million shares at an average Dh0.4977, generating a book value gain of Dh32.73 million for shareholders. “The increased share buyback is expected to enhance shareholder value on account of acquisition at a discount to Eshraq’s book value,” said the company in a statement. On ADX, the stock is trading at Dh0.5. The company holds 93.06 million treasury shares as of now. Of the Saudi Tadawul listing, Eshraq said: “In the past, the company was unable to implement the cross-listing due to accumulated losses on Company’s balance-sheet that did not meet the Saudi Stock Exchange criteria for cross-listing. “The cross-listing was also delayed due to operational readiness of Abu Dhabi Securities Exchange and Tadawul. Following the capital reduction in July 2022 and with the 2022 net profits, the company intends