Waha Capital has announced its intention to implement a share buy-back programme for up to 10% of the outstanding shares of the company, allowing for the repurchase of up to 194 million of the company’s shares from the market.
The share buy-back programme will be carried out on the Abu Dhabi Securities Exchange, and is subject to the approval and regulation of the Securities and Commodities Authority (SCA).
Waha Capital’s Board of Directors approved the programme yesterday in a meeting chaired by Hussain Jasim Al Nowais, Chairman of Waha Capital.
Commenting on the programme, Al Nowais said, “Waha Capital’s aim is to continue to deliver shareholder value. The business has proven to be very solid, and has a healthy cash position. We have faith in the future growth of the company and are very confident in its ability to continue to deliver strong shareholder value. Our share buy-back programme will allow shareholders to directly benefit from Waha Capital’s continued profit generation.” Salem Rashid Al Noaimi, Chief Executive Officer and Managing Director of Waha Capital, added, “We are a profitable business with ambitious plans for future growth. Waha Capital has sufficient funds to continue investing in high potential areas in the region, and is therefore in a position to carry out a share buy-back programme that benefits shareholders.” The share buy-back programme will be carried out within 12 months of approval by SCA, with purchased shares held by the company as treasury shares. In accordance with SCA regulations, the shares must be sold by the company within two years from the date of the last purchasing transaction.
Waha Capital recorded a first-half net profit of AED 1.3 billion – a nine-fold increase from a year earlier. The company has also raised US$575 million this month through a hedging transaction on half of its stake in AerCap, with the proceeds being used to make further investments and pay down debt.
Source : WAM News Agency for United Arab Emirates
