SIECO rights trading, new shares subscription begin today

Logo of Saudi Industrial Export Co. (SIECO)

Saudi Industrial Export Co. (SIECO) subscription to new shares and rights trading begins today, May 23, to increase capital by 800% from SAR 21.6 million to SAR 194.4 million.

Rights trading will end on May 30, while subscription to the new shares will close on June 2.

The company intends to offer 17.28 million shares, at SAR 10 each, granting each registered shareholder on the record date eight rights for every share held.

Rights issue holders are allowed to exercise their right to subscribe to new shares (in full or in part) up to the number of shares available in their portfolios. Trading in rights issue and subscription to new shares for registered shareholders and new investors will be as per the prospectus.

In the event that shares remain unsubscribed, remaining and fractional shares, if any, will be offered to institutional investors, according to the prospectus.

Alkhair Capital Co. will underwrite the rights issue if the entire subscription is not fully covered.

Investors not willing to subscribe must sell the rights issue during the specified trading period to avoid the resulting decline in the value of their investment portfolios as a result of not benefiting from their rights, whether by way of sale or subscription, the company said.

For more IPOs