SIIG plans 11M share buyback

20/03/2025 Argaam
A SIIG factory

A SIIG factory

Saudi Industrial Investment Group's (SIIG) board recommended on March 19 repurchasing 11 million ordinary shares maximum.
 
 
The company will retain 10 million treasury shares as the board believes that the stock price is less than the fair value, SIIG said in a statement to Tadawul.
 

SIIG will also allocate one million shares for the long-term employee incentive program.

 

The buyback process will be financed through the company’s own resources. SIIG currently holds zero treasury shares. The repurchased shares will not have voting rights in shareholders’ meetings.

 

The decision is subject to the approval of the extraordinary general meeting.

 

SIIG will issue an auditor’s report to fulfill financial solvency requirements.

 

According to data available with Argaam, the shares recommended for repurchase represent 1.46% of the company's total shares, amounting to 754.80 million.

 

In December 2024, SIIG’s board recommended reducing the company’s excess capital by 10% to SAR 6.79 billion from SAR 7.54 billion.

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