Bahrain-listed Seef Properties is looking to implement a share repurchase scheme, according to a disclosure on Monday.

Shareholders of the real estate development company have just approved a proposal concerning the company’s treasury shares, which “opens the door” to buy-backs and sales of up to 10% of issued shares, Seef Properties said in a filing with Bahrain Bourse.

“The proposal to buy back or sell treasury shares aims to maintain the company’s share price and enhance its capital structure,” said Essa Najibi, Chairman of Seef Properties.

The transactions will be subject to the approval of the Central Bank of Bahrain (CBB).

The buy-back or sale program seeks to combine open market purchases with negotiated transactions, providing the flexibility to acquire shares at current market prices.

The buy-back plan will be implemented in phases, with the first one expected to start within the next two years.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com