SISCO’s debt reaches SAR 1.6 bln, says CEO

16/03/2017 Argaam

Saudi Industrial Services Co.’s (SISCO) debt currently stands SAR 1.6 billion, after repaying part of a SAR 2.1 billion debt the company owed over the past few years, SISCO CEO Mohammed Al-Mudarres told CNBC.

 

The firm has been keen to reward its shareholders over the years by issuing dividends, as it maintained a balance between expansion projects and sustaining sufficient liquidity, he added.

 

SISCO obtained regulatory approval earlier this week to raise capital by 20 percent to SAR 816 million, by issuing one bonus share for every five shares held. 

 

The capital hike aims to adjust the company's capital to its assets level, and to address the cash requirements for expansion. 

 

The company is currently carrying out several expansion projects in the ports, logistics and industrial sectors, in addition to the water systems sector, Al-Mudarres said.

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