SISCO shareholders approve 8.2M share buyback, rebranding

Logo of Saudi Industrial Services Co.

Saudi Industrial Services Co.’s (SISCO) shareholders approved the repurchase of up to 8.16 million shares to hold as treasury shares, during the extraordinary general meeting (EGM) held on Nov. 21.

The board or the authorized persons consider that the share price in the market is less than its fair value, according to a statement by the company on Tadawul.

The repurchase will be financed from the company’s own resources and the board will be authorized to complete the process within 12 months of EGM’s approval.

Repurchased shares will be held by the company for a maximum period of five years from the date of the EGM approval, after which the company will follow the procedures and controls stipulated in the relevant laws and regulations.

Meanwhile, shareholders approved amending the company’s bylaws related to its name and objectives.

Accordingly, the company’s name will become Sustained Infrastructure Holding Co. (SISCO).

In addition, shareholders approved other articles of bylaws related to objectives to include general construction of residential buildings and non-residential buildings such as schools, hospitals, hotels, etc., management of subsidiaries of holding companies, investing the funds of subsidiaries of holding companies, owning real estate and movables necessary for holding companies.

Furthermore, they added objectives related to providing loans, guarantees and financing to subsidiaries of holding companies, owning industrial property rights for subsidiaries of holding companies, logistics, extraction of non-potable water, water purification, desalination, transmission and distribution of water, distribution of treated water, manufacture of lifting and handling machines used in ports, factories, warehouses.

They also ratified establishment of port berths and marine facilities, repair and maintenance of port berths and marine facilities as well as private port activities.