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.
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Capital Increase Details |
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Current capital |
SAR 21.60 mln |
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Number of shares |
2.16 mln |
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Capital increase (%) |
800% |
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Capital after increase |
SAR 194.4 mln |
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Number of shares after increase |
19.44 mln |
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Rights Issue Details |
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Number of shares offered |
17.28 mln shares |
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Offer price |
SAR 10 |
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Size of issue |
SAR 172.80 mln |
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Eligibility ratio |
Each shareholder of record will be granted eight rights for every share owned |
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Record date |
Shareholders registered with the Securities Depository Center (Edaa) by the close of trading on the second trading day after the EGM date. |
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Rights issue proceeds |
Logistic operations |
SAR 67.48 mln |
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Expansion |
SAR 43.39 mln |
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Funding supply contracts |
SAR 42.52 mln |
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Digitization |
SAR 14.41 mln |
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Offering fees |
SAR 5 mln |
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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.
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