September 18, 2014 / 4:47 AM / 3 years ago

Abu Dhabi's Waha Capital to buy back up to 10 pct of stock

DUBAI, Sept 18 (Reuters) - Abu Dhabi-listed investment firm Waha Capital plans to buy back up to 10 percent of its outstanding shares, pending regulatory approval, the company said on Thursday without disclosing the price it would offer.

Waha said the programme, approved by its board on Wednesday, would allow it to repurchase up to 194 million shares. The stock closed at 3.15 dirhams in the last session, putting the buy-back’s potential cost at around 611 million dirhams ($166 million).

The buy-back will be carried out within 12 months of approval by the Securities and Commodities Authority; purchased shares will be held by the company as treasury shares, Waha Capital said in a statement. (1 US dollar = 3.6729 United Arab Emirates dirham) (Reporting by Olzhas Auyezov; Editing by Andrew Torchia)

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