SIIG deposits post-capital cut fractional shares proceeds

Logo of Saudi Industrial Investment Group (SIIG) 

Saudi Industrial Investment Group (SIIG) deposited proceeds from selling fractional shares resulting from its recent capital reduction in the accounts of eligible shareholders.

In a statement to Tadawul today, June 19, the company said the fractional shares sale ended on June 1.

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As many as 24,427 shares were sold at a total of SAR 371,576, at an average price of SAR 15.21 apiece.

According to Argaam data, SIIG shareholders recently approved a 10% capital cut to SAR 6.79 billion from SAR 7.54 billion at an extraordinary general meeting (EGM), citing excess capital.

Shareholders will be compensated for the cancelled shares through a cash distribution of SAR 754.8 million (SAR 10 apiece).