Saudi Industrial Investment Group completes strategic share buyback
RIYADH, 8 hours, 47 minutes ago
The Saudi Industrial Investment Group Company has announced that it has successfully completed the purchase of 11 million shares of its stock holding for SAR 200 million ($53.2 million).
The stock holding includes 10 million shares as treasury shares and 1 million shares for the long-term employee stock incentive programme. The average purchase price per share stood at SAR18.2.
This comes following the go-ahead from shareholders at the extraordinary General Assembly held early this year, said Saudi Industrial Investment Group in its filing to Saudi bourse.
On the purchase period approval, the Saudi group said it has to be completed within a maximum period of 12 months from the date of the Extraordinary General Assembly’s approval.-TradeArabia News Service
