SIECO shareholders to discuss 90% capital cut on Dec. 20

11/12/2017 Argaam

Saudi Industrial Export Co. (SIECO) shareholders will discuss a 90 percent capital cut on Dec. 20, 2017, the company said in a statement to Tadawul.

 

Capital will be reduced from SAR 108 million to SAR 10.8 million by cancelling 9.72 million shares. Accordingly, the number of shares will be slashed from 10.8 million to 1.08 million.

 

The capital reduction is aimed at restructuring the company’s capital and offsetting losses in line with the new companies’ law. No relevant financial impact will result from the capital cut at present.

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