SIIG board recommends buyback of 10M treasury shares

Logo of Saudi Industrial Investment Group (SIIG)

Saudi Industrial Investment Group’s (SIIG) board of directors recommended today, March 11, the repurchase of up to 10 million shares to hold them as treasury shares.

In a statement to Tadawul, the company explained that the board of directors considers that the stock’s market price is below its fair value.

SIIG also stated that the share repurchase will be self-financed, adding that the purchased shares will not have voting rights in the general assembly meetings.

It indicated that the current percentage of the treasury shares out of the total class of shares purchased is 1.62%.

The approval of the company’s extraordinary general assembly will be obtained at the next meeting for the share purchase, as per the requirements of sub-article (4) of Article (17) of the Implementing Regulations of the Companies Law for Listed Joint Stock Companies.

According to Argaam’s data, the target shares represent 1.47% of the company’s total equity amounting to 679.32 million shares.