SISCO’s shareholders approve 31.7% Green Dome stake acquisition
- Date: 15-May-2022
- Source: Argaam
- Sector:Financial Markets
- Country:Saudi Arabia
SISCO’s shareholders approve 31.7% Green Dome stake acquisition
Saudi Industrial Services Co.'s (SISCO) shareholders approved the acquisition of 31.7% direct equity stake in Green Dome Investments LLC (Green Dome), during the ordinary general assembly meeting (OGM) held on May 12, according to a bourse filing.
The acquisition will take place through a share ownership transfer from SISCO’s 76%-owned subsidiary, Saudi Trade & Export Development Co. (LogiPoint), a related party, for SAR 44.5 million.
Aamer Alireza has an indirect interest as member of Xenel Industries board and Chairman of SISCO and LogiPoint boards. In addition, Saleh Hefni has an indirect interest as member of SISCO and LogiPoint boards.
The transaction is conducted at fair value and on general commercial terms executed without any preferential treatment, the company noted.
SISCO’s board of directors approved, on March 21, the acquisition of a 31.7% direct equity stake in Green Dome for SAR 44.5 million, according to data compiled by Argaam.
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