Sela Near Real Estate Approves 100 Million Shekel Share Buyback
Sela Near Real Estate has approved a 100 million shekel share buyback program following a 30% drop in stock price this year, as Chairman Shmuel Slavin expresses strong confidence in the Israeli economy.
Sela Near Real Estate has officially approved a share buyback program totaling up to 100 million shekels. The decision comes after the company's stock experienced a 23% decline recently and is down about 30% since the beginning of the year, bringing its market capitalization to approximately 2 billion shekels.
Strategic Buyback Amid Market Conditions
Shmuel Slavin, Chairman of Sela Near Real Estate and former Director-General of the Ministry of Finance, emphasized that the buyback reflects strong confidence in the company's financial strength and strategy. Despite the ongoing stock price correction, the board of directors views the buyback as an appropriate business and economic opportunity that will enhance shareholder value.
"Approval of the buyback program expresses our confidence in the company's strength, strategy, and value-creation potential," said Shmuel Slavin.
Economic Outlook and Real Estate Recovery
In recent remarks, Slavin expressed optimism regarding the broader Israeli economy and the real estate sector. He noted that inflation remains within target ranges, unemployment is low, and foreign exchange reserves are robust.
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Inflation is contained within the target range.
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Foreign exchange reserves remain exceptionally high.
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Economic growth for 2026 is projected to be significant.
According to financial reports for the second quarter, Sela Near Real Estate holds distributable retained earnings of approximately 1.1 billion shekels, ensuring sufficient liquidity to execute the buyback without compromising its financial obligations.
