Logo of Saudi Industrial Investment Group (SIIG)
Saudi Industrial Investment Group’s (SIIG) shareholders will vote on a 10% capital decrease to SAR 6.8 billion from SAR 7.5 billion, for exceeding business needs, during an extraordinary general meeting (EGM) to be held on May 21, according to a statement to Tadawul.
|
Capital Cut Details |
|
|
Current Capital |
SAR 7.5 bln |
|
No. of Shares |
754.80 mln |
|
New Capital |
SAR 6.8 bln |
|
New Number of Shares |
679.32 mln |
|
Reduction (%) |
10% |
|
Method |
Writing off 75.48 mln shares at SAR 10 each |
|
Reason |
Due to it being in excess of the company's needs. |
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Date |
If approved, the resolution will apply to eligible shareholders of record on the deciding EGM date and those registered with the Securities Depository Center Company (Edaa) at the end of the second trading day following the EGM |
Shareholders will also vote on authorizing the board of directors to distribute interim dividends quarterly or semi-annually for 2025.
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They will also decide on the company’s purchase of 11 million ordinary shares, and allocating 10 million shares as treasury shares, as the board deems the current stock price as below its fair value, in addition to the purchase of one million shares to be kept as treasury shares to the long-term employee incentive program.
The board of directors will be authorized to complete the share purchase within a maximum period of twelve months from the EGM date. The company will retain the shares purchased for a period not exceeding five years from the date of EGM approval, after the expiry of which the company will follow the procedures and controls set out in the relevant laws and regulations.
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