Riyadh - The shareholders of Saudi Industrial Exports Company (SIECO) have agreed to increase its capital by SAR 172.80 million, representing 800% of the capital.

The Saudi listed company will offer eight right issues for each share, according to a bourse filing on Thursday.

Accordingly, the new capital will increase to SAR 194.40 million distributed over 19.44 million shares, compared to SAR 21.60 million distributed over 2.16 million shares.

The capital raise decision aims to boost the company's financial solvency and strategic expansion.

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