SIECO to pay compensations for unsubscribed shares of rights issue

Saudi Industrial Exports Co. (SIECO) said it will distribute on Wednesday, Nov. 14, an amount of SAR 27.3 million, representing compensation for unsubscribed shares.

The amount will be paid to eligible shareholders who did not exercise their rights to subscribe to new shares during the company’s rights issue, the company said in a bourse statement.

 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.

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.