Saudi Industrial Export gets CMA nod on capital hike

Saudi Industrial Export Co. (SIECO) has obtained the approval of the Kingdom's market regulator, the Capital Market Authority (CMA), to increase capital through a SAR 54 million rights issue, the company said in a statement to Tadawul.

Shareholders of record on the second day after the extraordinary general meeting will be entitled to subscribe in the offering.

The offering date, price as well as the number of shares will be revealed later after the company’s extraordinary general meeting.

Late last year, the firm’s board of directors recommended increasing capital through a rights issue, and cutting capital by 90 percent to SAR 10.8 million from SAR 108 million.

Both moves aim to restructure capital and offset accumulated losses, Argaam previously reported.