Waha Capital’s board of directors today approved a buy back of up to 10 per cent of the outstanding shares of the company, paving the way for the repurchase of up to 194 million shares from the market.
The Abu Dhabi-based investment firm signalled its intention to launch a share buy back earlier this week.
The buyback will be carried out within 12 months of approval by the Securities and Commodities Authority, with purchased shares to be held by the company as treasury shares.
In line with SCA regulations, repurchased shares must be sold by Waha Capital within two years of the date of the last purchasing transaction.
The buyback comes as Waha Capital looks to boost its share price to better reflect its holding in New York-listed airline leasing company AerCap Holdings
Waha Capital’s shares have risen by more than 7 per cent since the announcement of the buyback on Monday. The company’s shares rose by 1.3 per cent in the first hour of trading this morning, hitting a four-month high of Dh3.19.
jeverington@thenational.ae
