SISCO shareholders to vote on buyback of 8.16 mln treasury shares on Nov. 10

Logo of Saudi Industrial Services Co. (SISCO)

Saudi Industrial Services Co. (SISCO) shareholders are set to vote on the repurchase of up to 8.16 million treasury shares, during the extraordinary general meeting (EGM), scheduled for Nov. 10, according to a bourse filing.

The board of directors or authorized persons consider that the share price in the market is less than its fair value, the statement said. The repurchase will be financed from the company’s own resources.

SISCO also authorized the board to complete the process within 12 months from the EGM approval date.

The company will keep the repurchased shares for a maximum period of five years from the EGM approval date. After the expiry of this period, SISCO will follow the procedures and controls stipulated in the relevant laws and regulations.

The e-voting will start on Nov. 6.