Logo ofSaudi Industrial InvestmentGroup(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.
Shareholders will be compensated for the cancelled shares by the distribution of SAR 754.8 million, at the rate of SAR 10 per cancelled share.
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.
Logo ofSaudi Industrial InvestmentGroup(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.
Shareholders will be compensated for the cancelled shares by the distribution of SAR 754.8 million, at the rate of SAR 10 per cancelled share.
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.
For more news on listed companies
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.
