Saudi Industrial Exports Co.’s (SIECO) shareholders have approved a SAR 54 million capital hike through a rights issue, the insurer said in a bourse statement.

 

The capital hike aims to support the company's financial position and develop its business and activities.

 

The rights trading period will run from Oct. 15 until Oct. 22, while the subscription period will be until Oct. 25.

 

In a separate statement, the Saudi Stock Exchange (Tadawul) said that the fluctuation limits on Wednesday for SIECO will be based on a share price of SAR 47.45 per share.

 

The Securities Depository Center (Edaa) will deposit the additional shares into the investor’s portfolios by Sunday, Oct. 14, 2018.

 

Key Figures of the Capital Hike

Current Capital

SAR 10.8 mln

Number of shares

1.08 mln shares

Hike (%)

500% (5 for every 1 share)

New Capital

SAR 64.8 mln

New number of shares

6.48 mln shares

Rights Issue Details

Number of rights issue shares

5.4 mln

Issue price

SAR 10/ share

Issue size

SAR 54 mln

Record date

Oct. 9, 2018

Rights trading period

Oct. 15 to Oct. 22

Rights subscription period

Oct. 15 to Oct. 25

Use of proceeds

Rights issue proceeds after deducting expenses of SAR 4 mln will go towards supporting the company's financial position and developing its business and activities

Additional Information

Financial advisor

Saudi Kuwaiti Finance House

Underwriter, lead manager

Al Khair Capital

Receiving banks

SABB, SAIB, Alawwal

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