According to Arab Net, Sipchem said in a statement that the Board of Directors believed that the price of the company shares is less than fair value that the purchase of shares is funded from the company's self-resources.
The chaos of the Board of Directors or its delegations by completing the purchase during a maximum period of 12 months from the date of approval of the Assembly and retaining the shares of the treasury for a maximum of 5 years from the date of General Assembly resolution.
Abdullah al-Hamed, president of GIB Capital, told Arabic. With factors including great improvement in most of the company's products, and regular production processes in their factories.
Contributors agreed on profits distributed by 2020, with a total of about 366.7 million riyals, equivalent to 50 halala per share, representing 5% of the capital.
The shareholders recognized the report of the Board of Directors and the financial statements and the report of the auditor on the financial year 2020.
Meanwhile, Sebakim rose 2.03% to SAR 27.7, during early trading from Tuesday's session.
