
Tasnee shareholders OK 66.9M share buyback
In a statement to Tadawul, the company said its board believes the market price of the shares is below fair value. The buyback will be financed from internal resources.
The board was authorized to complete the repurchase within 18 months from the EGM date. The company may retain the repurchased shares for up to five years from that date, after which it will comply with relevant laws and regulations regarding their disposal.
Shareholders also elected the following board members for the upcoming four-year term starting July 6, 2025: Abdulaziz Al Mulhim, Talal Al Maiman, Abdularahman Al Sayyari, Ahmad Al Humaidan, Mohammed Al Haqbani, Fahad Al Mishal, Fawaz Al Fawaz, Musaab Al Muhaidib, Ahmed Al Theabi, and Muath Al Zamil.
In addition, shareholders gave a nod to amending Article 4 of the Bylaws related to the company's purposes.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Arab News
27 minutes ago
- Arab News
Apple launches online store in Saudi Arabia with Arabic support, local delivery
RIYADH: US tech giant Apple has launched its online store and Apple Store app in Saudi Arabia, offering next-day delivery and, for the first time, direct Arabic-language support. 'This launch will make the 40th country and territory around the world with an Apple Store online,' Karen Rasmussen, Apple's head of Online Retail, said. 'It is going to be our first Apple Store online fully in Arabic,' she added. Originally launched in 1997, Apple's online store has since expanded to over 40 countries and territories worldwide. Starting July 22, customers in Saudi Arabia can shop for Apple products online through the website or the app, with the promise of faster delivery, new customization options, and local-language support. The site offers Arabic and English customer service, flexible payment options, and product personalization. The Apple executive noted that most orders will be delivered the next day. 'We built a distribution center in the Kingdom of Saudi Arabia to be able to support all of our customers in the fastest possible way,' Rasmussen told Arab News. Free engraving is now available in both Arabic and English, allowing customers to personalize products such as AirPods, Apple Pencil, and AirTag with text, emoji, and numbers. The company has partnered with Saudi-based buy-now-pay-later platform Tamara to offer customers the ability to pay in four monthly installments at zero percent interest. Apple is also introducing Arabic-language, in-country shopping assistance. 'We will provide in-country, in-Arabic shopping support, where a specialist is trained exactly the same way as any Apple specialist, whether online or in the store,' she said. Hardware support and express replacement services will also be available in Arabic through the new online platform. AppleCare+ has been updated to allow customers to subscribe on a monthly basis, rather than making a single annual payment. Another addition is Apple Trade In, which enables Saudi customers to exchange their current Apple devices for credit toward new purchases. The Apple Education Store will also be accessible through the online platform, offering special pricing on Macs and iPads for university students, educators, and their families. 'All year long, we offer special education discounts for verified students and educators,' Rasmussen explained. Additionally, a back-to-school offer valid until Oct. 21 will give eligible buyers the option to receive AirPods or another accessory when purchasing an eligible Mac or iPad. However, the long-awaited question on the minds of Apple device users in Saudi Arabia is: When will there be a physical store in the Kingdom? The company confirmed plans to open its first flagship Apple Store in Saudi Arabia in 2026. 'We absolutely have plans to open stores in the country as well, starting in 2026,' she said. 'My favorite store, which is coming a little after that, is going to be the one we are planning in Diriyah,' added Rasmussen. Apple is currently in the early planning stages for a second store in Diriyah, a UNESCO World Heritage site. When asked about the first physical store's location, Rasmussen said: 'It's a subsequent store... We have been partnering very particularly on the Diriyah site, but it's not going to be the first one,' she told Arab News. 'The investment in Saudi Arabia is something that Apple has been very focused on for a very long time,' Rasmussen stated. 'This is just one step in a broader journey of long-term investment in the Kingdom.' 'Up until now, for the past five years, we have spent more than SR10 billion ($2.67 billion) in development initiatives such as the Apple Developer Academy,' the head of online retail told Arab News.


Argaam
2 hours ago
- Argaam
Sport Clubs debuts on TASI today at SAR 7.5/share
Sport Clubs Co. starts trading on the Main Market (TASI) today, July 22, under the symbol 6018 and ISIN Code SA56BG3IU118, at SAR 7.5 per share. The stock will trade in the first three days with daily and static price fluctuation limits of ±30% and ±10%, respectively. Starting the fourth trading day onwards, the daily price fluctuation limits will revert to ±10%, while the static price fluctuation limits will no longer apply. For More IPOs Sport Clubs Co. is the ninth listing on TASI in 2025 after Almoosa Health Co. on Jan. 7, Nice One Beauty Digital Marketing Co. on Jan. 8, and Derayah Financial Co. on March 10. This is in addition to Arabian Company for Agricultural & Industrial Investments (Entaj) on March 17, Umm Al Qura for Development and Construction Co. (UQDC) on March 24, United Carton Industries Co. (UCIC) on May 27, flynas on June 18, and Specialized Medical Co. (SMC) on June 25. In 2024, 13 companies listed on Tadawul, in addition to Alistithmar AREIC Diversified REIT Fund. Following the Sport Clubs Co. listing, the number of companies listed on TASI would reach 240, along with 19 real estate traded funds (REITs). The company offered 34.32 million shares, or 30% of its capital, on TASI. It allocated 80% of the shares to institutional investors, while the remaining 20% for retail investors. The retail IPO was 533.6% oversubscribed, with the order book reaching nearly SAR 247.7 million. Meanwhile, institutional IPO was 44.1x covered. A minimum of 10 shares was allocated to each retail investor, while the remaining shares will be allocated pro rata, with an average allocation factor of 12.5%. Company Info Sports Clubs is a Saudi closed joint-stock company, established in 1994 and headquartered in Riyadh. The company's main activities include the wholesale and retail trade of sports equipment, tools, and apparel; the purchase of land for the construction of buildings and investment therein through sale or lease for the benefit of the company; the construction, management, and maintenance of gymnasiums; general contracting for buildings; and electrical, mechanical, and electronic works. The company's current capital is SAR 114.4 million, divided into 114.4 million shares at a par value of SAR 1 per share. Company Profile Company Sport Clubs Co. Core Activities Establishment, management, and operation of sports clubs Pre-IPO Capital SAR 104 mln Number of Shares 104 mln Post-IPO Capital SAR 114.4 mln Number of Shares 114.4 mln Nominal Value SAR 1 per share Company Shareholders Shareholders Before IPO After IPO Number of Shares ('000) Ownership (%) Number of Shares ('000) Ownership (%) Alforas Alkhasa Investment Co. 41,600.00 40.00% 32,032.00 28.00% Alforas Almasiya Sports Co. 35,879.00 34.50% 27,626.83 24.15% Elaf Al Khaleej Trading Investment Co. 5,691.02 5.47% 4,382.08 3.83% Abdulkadir Almuhaideeb & Sons Co. 4,742.51 4.56% 3,651.73 3.19% Al-Fawzan Holding Co. 4,742.51 4.56% 3,651.73 3.19% Ammar Abdulwahid Falih Al-Khudairy 4,425.76 4.26% 3,407.84 2.98% Omran Mohammed Abdulrahman Al-Omran 1,822.53 1.75% 1,403.35 1.23% Prince Sultan Mohamed Saudi Al Kabeer Al Saud 1,215.02 1.17% 935.56 0.82% Abdullatif Alissa Group Holding Co. 1,215.02 1.17% 935.56 0.82% Abdulaziz Al-Sughair Trading Investment Co. 1,215.02 1.17% 935.56 0.82% Abdullah Saad Abdulrahman Al-Rashed 1,215.02 1.17% 935.56 0.82% Fahad Abdullah Abdul Latif Al-Mubarak 235.60 0.23% 181.42 0.16% Alforas Alfiddiya Investment Co. 1.00 0.001% 0.77 0.0007% Public -- -- 34,320.00 30.0% Total 104,000.00 100% 114,400.00 100%


Argaam
2 hours ago
- Argaam
Mulkia REIT finalizes acquisition, ownership transfer of Dammam land
Mulkia Gulf Real Estate REIT (Mulkia REIT) finalized the acquisition as well as the ownership transfer of Dammam commercial land plot, fund manager, Mulkia Investment Co., said in a statement to Tadawul. The acquisition will likely boost the company's diversified real estate portfolio, in addition to increasing the fund returns upon finalizing the projects planned for the transaction-related asset. Gulf Real Estate Co. is considered a related party as it owns over 5% of the fund's units. The deal included no preferential terms, the statement added. The fund signed an agreement in May to acquire a commercial land plot, spanning 11,140 square meters, in Dammam, for SAR 33.4 million, excluding VAT and brokerage fees, data available on Argaam showed.