SIIG deposits post-capital cut fractional shares proceeds
Saudi Industrial Investment Group (SIIG) deposited proceeds from selling fractional shares resulting from its recent capital reduction in the accounts of eligible shareholders.
In a statement to Tadawul today, June 19, the company said the fractional shares sale ended on June 1.
As many as 24,427 shares were sold at a total of SAR 371,576, at an average price of SAR 15.21 apiece.
According to Argaam data, SIIG shareholders recently approved a 10% capital cut to SAR 6.79 billion from SAR 7.54 billion at an extraordinary general meeting (EGM), citing excess capital.
Shareholders will be compensated for the cancelled shares through a cash distribution of SAR 754.8 million (SAR 10 apiece).
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