SISCO shareholders approve buyback of up to 10% treasury shares

Logo of Saudi Industrial Services Co.

Saudi Industrial Services Co. (SISCO) shareholders approved repurchasing up to 10%, or 8.16 million ordinary shares maximum, as treasury shares, during the extraordinary general meeting (EGM) held on Nov. 10, the company said in a statement to Tadawul.

The board of directors or authorized persons consider that the share price in the market is less than its fair value, the statement said. The repurchase will be financed from the company’s own resources.

SISCO also authorized the board to complete the process within 12 months from the EGM approval date.

The company will keep the repurchased shares for a maximum period of five years from the EGM approval date. After the expiry of this period, SISCO will follow the procedures and controls stipulated in the relevant laws and regulations.

In August, SISCO’s board of directors recommended to repurchase up to 10% of ordinary shares as treasury shares.