SIECO shareholders approve capital increase through SAR 172.8 mln rights issue

Logo of Saudi Industrial Export Co. (SIECO)

Saudi Industrial Export Co. (SIECO) shareholders approved increasing capital from SAR 21.6 million to SAR 194.4 million through a SAR 172.8 million rights issue, during an extraordinary general meeting (EGM) held on May 11, the company said in a statement to Tadawul. 

Meanwhile, the Saudi Exchange (Tadawul) announced that the fluctuation limits for SIECO, on May 12, will be based on a share price of SAR 55.1 and the outstanding orders will be canceled. Additionally, Edaa will deposit the bonus shares into investor portfolios by May 16.

Additionally, SIECO’s shareholders approved formation of the audit committee, defined its duties, work regulations and remuneration of its members for the new three-year term, starting from June 16, 2022. The committee candidates are Mohammed Azzam Al-Showair (external, independent member and chairman of the committee), Salman Mohammed Al-Suhaibaney – (board, independent member) and Mohammed Hamad Al-Saleh (external, independent member).

SIECO’s shareholders also elected members of the board of directors for the same term. The members include Hatem Hamad Al Suhaibani, Bader Hassan Al Othman, Salman Mohammed Al Suhaibani, Ahmed Mohammed Al Arini, Sulaiman Hamad Al Jedaie, Khalid Abdullah Al Dhubaib, Ghassan Abdulrahman Al Haidari and Ali Saleh Al Humaidan.

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