Seef Properties holds Ordinary General Meeting virtually

Seef Properties B.S.C. (trading code: SEEF) (“Company”), held its Ordinary General Meeting (OGM) on 1 st July 2024 virtually. Seef Properties Chairman, Mr. Essa Najibi chaired the meeting, which was attended by Board members; Chief Executive Officer, Mr. Ahmed Yusuf; and other shareholders.

The shareholders approved a proposal concerning the Company’s treasury shares, which opens the door to buy backs and sales of shares not exceeding 10% of those issued. These transactions will be subject to approval by the Central Bank of Bahrain (CBB). Additionally, they ratified the minutes of the previous OGM held on 21 st March 2024 and reviewed other items on the agenda.

The Company plans to implement a comprehensive buy back or sale program that combines open market purchases with negotiated transactions. This will provide the flexibility needed to buy shares at current market prices. It will also enlist the help of specialized and experienced financial institutions to ensure that the strategy is implemented according to the highest standards of transparency and effectiveness, and that it meets legal and regulatory requirements.

The buy back or sale of treasury shares will occur in phases, starting with phase one expected within the next two years.Seef Properties Chairman, Mr. Essa Najibi said: “Seef Properties continues to forge ahead,guided by a robust and comprehensive growth strategy. The proposal to buy back or sell treasury shares aims to maintain the company’s share price and enhance its capital structure, which, in turn, will lead to achieving long-term strategic objectives and ensuring the company’s sustainable growth. Through this initiative, we look forward to achieving rewarding results for our shareholders.”

Seef Properties CEO, Ahmed Yusuf said: “Seef Properties’ innovative business model targets long-term growth. The company is committed to extracting the greatest value for its shareholders. Leveraging its extensive local market expertise, the company has developed a fully effective and transparent strategy aimed at enhancing share profit and returns. We look forward to building on the company’s successes and expanding its operations in promising sectors, including entertainment and hospitality.”