SIECO to invest rights issue proceeds in new projects: CEO

16/10/2018 Argaam

 

Saudi Industrial Exports Co. (SIECO) will use its rights issue proceeds to finance new deals, chief executive Hazem Al Dosari told CNBC Arabia on Monday.

 

“The debt-free company is eying various opportunities in regional markets, such as the cement sector in Egypt and Yemen,” he said.

 

SIECO launched its rights issue on Oct. 15, aiming to raise its capital to SAR 64.8 million from SAR 10.8 million, Argaam earlier reported.

 

Meanwhile, the company ended the memorandum of understanding (MoU) signed in January with Tri-Spectrum Ltd. to export the latter’s products as no agreement was reached by the parties about export volumes.

 

Al Dosari added that SIECO might start investing in securities in 2019 or 2020, as the board of directors currently focuses on the company’s core business.

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