SISCO completes buyback of 264,500 treasury shares for SAR 6.62 mln

Logo of Saudi Industrial Services Co. (SISCO)

Saudi Industrial Services Co. (SISCO) completed, on Nov. 9, the first phase of repurchasing its own shares to hold them as treasury shares. 

The company repurchased 264,502 shares for SAR 6.62 million, or about SAR 25.04 per share, according to a statement to Tadawul.

The move is in line with the approval of the extraordinary general assembly, held on Nov. 10, 2022, on the repurchase, the statement added.

Shareholders approved the buyback of up to 8.16 million shares, to be retained as treasury shares, on the board’s view that the company’s share is less than its fair value, Argaam earlier reported.