SISCO's shareholders approve 31.7% Green Dome stake acquisition

15/05/2022 Argaam

Logo of Saudi Industrial Services Co.

Saudi Industrial Services Co.'s (SISCO) shareholders approved the acquisition of a 31.7% direct equity stake in Green Dome Investments LLC (Green Dome), during the ordinary general assembly meeting (OGM) held on May 12, according to a bourse filing. 

  

The acquisition will take place through a share transfer from SISCO’s 76%-owned subsidiary, Saudi Trade & Export Development Co. (LogiPoint), a related party, for SAR 44.5 million. 

  

Aamer Alireza has an indirect interest being a member of Xenel Industries board and Chairman of SISCO and LogiPoint boards. In addition, Saleh Hefni has an indirect interest being a member of SISCO and LogiPoint boards. 

  

The transaction is conducted at fair value and on general commercial terms without any preferential treatment, the company noted. 

 

SISCO’s board of directors approved, on March 21, the acquisition of a 31.7% direct equity stake in Green Dome for SAR 44.5 million, according to data compiled by Argaam.

 

For More Mergers and Acquisitions

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