SIIG clarifies excess capital reduction

26/12/2024 Argaam
Logo ofSaudi Industrial Investment Group (SIIG)

Logo of Saudi Industrial Investment Group (SIIG)

Saudi Industrial Investment Group (SIIG) indicated that the 10% capital reduction will be implemented by writing off 75.48 million shares, according to a statement to Tadawul today, Dec. 26.

 

A total of SAR 754.8 million will be distributed to the company’s shareholders by paying SAR 10 per canceled share. The stock price will be adjusted accordingly upon completion of the necessary procedures.

 

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All these measures require the approval of the relevant authorities and obtaining the go-ahead of the extraordinary general meeting (EGM).

 

According to data available on Argaam, SIIG board recommended, on Dec. 25, reducing the company’s capital by 10%, from SAR 7.54 billion to SAR 6.79 billion, due to excess capital.

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