SIECO appoints Saudi Kuwaiti Finance House as advisor for rights issue

26/12/2017 Argaam

 

Saudi Industrial Export Co. (SIECO) has appointed Saudi Kuwaiti Finance House as financial advisor for its prospective capital hike through rights issue, the company said in a bourse statement on Tuesday.

 

Last week, SIECO's shareholders approved a 90 percent capital cut to SAR 10.8 million from SAR 108 million to restructure capital and offset accumulated losses, Argaam reported.

 

In November, SIECO’s board of directors had recommended increasing capital through SAR 54 million rights issue following the planned capital cut.

 

Through the planned capital hike, the company aims to restructure its capital and inject fresh funds to deleverage its balance sheet. 

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