Saudi Industrial Exports Co.’s (SIECO) shareholders have approved a SAR 54 million capital hike through a rights issue, the insurer said in a bourse statement.
The capital hike aims to support the company's financial position and develop its business and activities.
The rights trading period will run from Oct. 15 until Oct. 22, while the subscription period will be until Oct. 25.
In a separate statement, the Saudi Stock Exchange (Tadawul) said that the fluctuation limits on Wednesday for SIECO will be based on a share price of SAR 47.45 per share.
The Securities Depository Center (Edaa) will deposit the additional shares into the investor’s portfolios by Sunday, Oct. 14, 2018.
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Key Figures of the Capital Hike |
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Current Capital |
SAR 10.8 mln |
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Number of shares |
1.08 mln shares |
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Hike (%) |
500% (5 for every 1 share) |
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New Capital |
SAR 64.8 mln |
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New number of shares |
6.48 mln shares |
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Rights Issue Details |
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Number of rights issue shares |
5.4 mln |
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Issue price |
SAR 10/ share |
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Issue size |
SAR 54 mln |
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Record date |
Oct. 9, 2018 |
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Rights trading period |
Oct. 15 to Oct. 22 |
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Rights subscription period |
Oct. 15 to Oct. 25 |
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Use of proceeds |
Rights issue proceeds after deducting expenses of SAR 4 mln will go towards supporting the company's financial position and developing its business and activities |
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Additional Information |
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Financial advisor |
Saudi Kuwaiti Finance House |
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Underwriter, lead manager |
Al Khair Capital |
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Receiving banks |
SABB, SAIB, Alawwal |
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