SIECO’s remaining rights issue shares 349% oversubscribed

Saudi Industrial Exports Co. (SIECO) said it’s the remaining rights issue shares were 349.45 percent oversubscribed, as investors pumped SAR 65.38 million into 658,712 shares at SAR 51.44 per share, the company said in a bourse filing.

The net compensation return to rights holders and fractional shares is SAR 27.3 million.

Shares will be deposited into applicable accounts on Nov. 14, 2018, the statement added.

The insurer offered 5.4 million shares at SAR 10 per share, and the issue which closed on Oct. 25 was 87.8 percent subscribed, according to data available on Argaam.

The rights issue, which started on Oct. 15, was aimed at raising the company’s capital to SAR 64.8 million from SAR 10.8 million.

The remaining 658,712 shares were reoffered on a pro rata basis to institutional investors on Oct. 30-31, 2018.

Last month, the company’s general assembly approved a SAR 54 million capital hike to SAR 64.8 million from SAR 10.8 million through a rights issue, Argaam reported earlier.