Saudi Industrial Export to discuss capital increase on October 9

16/09/2018 Argaam

 

Saudi Industrial Export Co. (SIECO) shareholders on October 9 will discuss and approve the board’s proposal for increasing 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 to the offering.

 

The capital increase is aimed at boosting the company’s financial position, restructuring capital and upgrading business portfolio.

 

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.

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