SIIG shareholders approve buyback of up to 10M shares

Shareholders of Saudi Industrial Investment Group (SIIG) approved the repurchase of up to 10 million shares to retain as treasury shares during an extraordinary general meeting on May 20, according to a statement to Tadawul.

The company said its board believes the current market price of the stock is below its fair value.

The share buyback will be financed through the company’s own resources, SIIG added.

Shareholders also authorized the board to complete the process within a maximum period of 18 months from the date of the meeting.

The company said it will retain the repurchased shares for no more than five years from the date of shareholder approval, after which it will follow the applicable regulatory procedures and requirements.

In addition, shareholders authorized the board to distribute interim dividends for 2026 on a semiannual or quarterly basis.