SIECO submits capital cut request to CMA

Saudi Industrial Export Co. (SIECO) on Sunday submitted a request to the Capital Market Authority (CMA) to reduce capital by 90 percent, the company said in a statement to Tadawul.

Last month, SIEC’s board of directors had proposed a capital cut to SAR 10.8 million from SAR 108 million, in order to offset accumulated losses, Argaam previously reported.

Later, the board of directors recommended increasing capital through SAR 54 million rights issue following the planned capital cut, aiming to restructure its capital and inject fresh funds to deleverage its balance sheet.