Saudi Industrial Export Co.’s (SIECO) general assembly has approved a 90 percent capital cut to SAR 10.8 million from SAR 108 million, to restructure capital and offset accumulated losses, the company said in a statement on Tadawul.
The reduction won’t have material impact on the company’s liabilities, the statement added.
|
Capital reduction details |
|
|
Current Capital |
SAR 108 mln |
|
Number of shares |
10.8 mln shares |
|
Capital cut percent |
90% (90 shares for every 100) |
|
New capital |
SAR 10.8 mln |
|
New number of shares |
1.08 mln shares |
|
Method of capital cut |
Writing off 9.72 mln shares |
|
Reasons |
Restructuring the company’s capital to offset accumulated losses |
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}