--- id: "sisco:1:316" title: "SISCO Holding announces its intension to purchase its shares" language: "en" url: "https://sisco.uxpan.net/en/media/press/view/share-buyback-announcement-2023/" published_at: "2023-10-22T00:00:00+00:00" updated_at: "2026-10-12T02:24:08+00:00" knowledge_approval: "not_assessed" content_sha256: "5881ebde64301225dddfff5b25e1980b8578af66c5d1418deeed2c386263d11a" --- # SISCO Holding announces its intension to purchase its shares [Original page]() 2023-10-22 Saudi Industrial Services Co. (“SISCO”) announces 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.
Element ListExplanation
IntroductionSaudi Industrial Services Co. (“SISCO”) announces 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.
Board Approval's Date2023-10-21 Corresponding to 1445-04-06
Purpose of PurchaseFor the purchased shares to be held as Treasury Shares
Purpose of Purchase (If the Purpose to Keep the Shares as Treasury Shares)If the Board of Directors or its authorized representative finds that the share price in the market
is less than its fair value
Number of Shares to be Bought8160000
Shares Class and typeOrdinary Shares.
Method of Financing the Purchasing ProcessThe Company’s available internal cash resources.
Current Percentage of the Treasury Shares at the Company out of the Total Class of Shares PurchasedSISCO holding currently holds 0.024% (19,702) of its Ordinary Shares as Treasury Shares.
Approvals and Meeting the Conditions of Financial Appropriateness
  • The approval of the Extraordinary General Assembly (EGM) shall be obtained in the next EGM meeting for the shares purchase as per the requirements of sub-article (4) of Article (17) of the Implementing Regulations of the Company Law for Listed Joint Stock Companies.
  • The Company will also stick to the conditions of solvency requirements as set out in sub-article (3) of article (17) of the Implementing Regulations based on a Solvency Report that will be issued by the Company’s external auditors, which will be attached along with the EGM invitation that will approve this transaction as per regulation.
External Auditor's Report