SISCO agrees to change company’s name and buy SAR 8.1 mln of its shares

The Board of Directors of Saudi Industrial Services Co. “SISCO” announced on Wednesday the results of the Extraordinary General Assembly (Second Meeting), which was held via modern technology (remotely), and the voting results were as following:

1) Approved to amend the company’s bylaws in line with the new companies’ law.

2) Approved to amend Article (2) of the company’s bylaws, which is related to the name of the company.

3) Approved to amend Article (3) of the company’s bylaws, which is related to the company’s objectives.

4) Approved the amendment of the Audit Committee’s Regulations.

5) Approved the company’s purchase of a number of its shares and a maximum of (8,160,000) shares and keep them as treasury shares, as the Board of Directors or the authorized persons consider that the share price in the market is less than its fair value. The purchase will be financed from the company’s own resources and authorizing the Board of Directors to complete the process within 12 months of the extraordinary general assembly’s approval date, and the company will keep the purchased shares for a maximum period of (5) years from the date of approval of the extraordinary general assembly. After the expiry of this period, the company will follow the procedures and controls stipulated in the relevant laws and regulations.