SIECO rights trading, new shares subscription to begin on May 23

Logo of Saudi Industrial Export Co. (SIECO)

Saudi Industrial Exports Co.’s (SIECO) subscription to new shares and rights trading will begin on May 23, according to a bourse filing.

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

Rights 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. The rights trading and subscription to new shares for registered shareholders and new investors will be as per the prospectus.

The remaining and fractional shares, if any, will be offered to institutional investors, according to the prospectus.

AlKhair Capital, the offering financial advisor, lead manager and underwriter, will underwrite the rights issue if the entire subscription is not fully covered.

Investors, who are not willing to subscribe, must sell their rights during the specified trading period to avoid the 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 insurer said.

Last week, the company’s 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, Argaam reported.

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