SISCO board recommends buyback of 10% treasury shares

Logo of Saudi Industrial Services Co. (SISCO) 

Saudi Industrial Services Co.’s (SISCO) board of directors recommended, on Aug. 20, to repurchase up to 10%, or 8.16 million ordinary shares maximum, as treasury shares, according to a bourse filing.

This will be implemented if the company’s board believes that the market value of shares is less than their fair value.  

The share repurchase will be financed from SISCO’s internal cash resources. 

SISCO indicated it currently owns no treasury shares and that the repurchased shares are not entitled to vote in the general meetings.  

The share repurchase recommendation is subject to the approval of the upcoming extraordinary general meeting (EGM), which will be determined later, in line with the Companies Law.  

SISCO is committed to obtaining the EGM resolution to start the buyback process and submit a solvency report by the auditor.  

The company shall fulfill all the regulatory requirements in line with the Saudi Companies Law.