SIECO to deposit proceeds from fractional shares sale on March 14

Logo of Saudi Industrial Export Co.

Saudi Industrial Exports Co. (SIECO) completed the sale of fractional shares after capital reduction, according to a bourse statement.

It will deposit, on March 14, the sale proceeds of around SAR 712,150 in the accounts of eligible shareholders.

The company sold, on Feb. 28, 2,253 shares at an average price of SAR 316.09 each.

According to data available on Argaam, SIECO shareholders approved the board’s recommendation on reducing capital by 66.66% to SAR 21.6 million from SAR 64.8 million during the extraordinary general meeting (EGM) held on Feb. 15.