SISCO Announces its Intention to Purchase its Shares

Saudi Industrial Services Co. (“SISCO”) announced on Sunday the Board of Directors’ resolution to recommend to the Extraordinary General Assembly to approve the purchase of up to 10% of the Company’s ordinary shares and to hold them as Treasury Shares.
It added that the Board approval date is 20.08.2022. The purchased shares purpose to be held as Treasury Shares. The number of shares to be bought is 8160000.
Voting on the Board of Directors resolution will take place during an Extraordinary General Assembly meeting, which will be announced at a later date as per the Regulatory Rules and Procedures issued pursuant to the Saudi Companies Law relating to Listed Joint Stock Companies (article no. 12/4).
The Company must obtain approval from the Extraordinary General Assembly for the purchase to commence.
The Company will also submit a solvency report formulated by an Auditor, as per the Saudi Companies Law relating to Listed Joint Stock Companies (article no. 12/3).
The Company is committed to fulfilling all requirements mentioned in the Regulatory Rules and Procedures issued pursuant to the Saudi Companies Law relating to Listed Joint Stock Companies.
The purchased shares will not have voting rights in the General Assembly’s Meetings.