SISCO's shareholders to vote on Green Dome stake acquisition on May 12

Logo of Saudi Industrial Services Co.

Saudi Industrial Services Co.'s (SISCO) shareholders will vote on the acquisition of 31.7% stake in Green Dome for SAR 44.5 mln, during an ordinary general assembly meeting, to be held on May 12, according to a bourse filing.

The company's board of directors approved, on March 21, the acquisition of a 31.7% direct equity stake in Green Dome Investments LLC (Green Dome) through a share ownership transfer from its 76%-owned subsidiary, Saudi Trade & Export Development Co. (LogiPoint), a related party, for SAR 44.5 million.

SISCO said that Aamer Alireza has an indirect interest as he is a member Xenel industries board and Chairman of both SISCO's LogiPoint's boards. Also, Saleh Hefni has an indirect interest as he is a member of both SISCO and LogiPoint boards.

The transaction is being conducted at fair value and on general commercial terms executed without any preferential treatment, the company noted.

Shareholders will also vote on appointing external auditors to review the company's financial statements for Q2, Q3, Q4 and FY 2022, and Q1 2023.