Saudi SIEC board recommends $34.4mln capital increase

The capital raise will support the company’s future expansion projects and help reduce its losses

  
Traders work at the Alistithmar Capital in Riyadh July 8, 2008.

Traders work at the Alistithmar Capital in Riyadh July 8, 2008.

REUTERS/Fahad Shadeed

Riyadh – The Saudi Industrial Export Company’s (SIEC) Board of Directors on 9 November 2020 proposed increasing the company’s capital by SAR 129.6 million via a rights issue.

The capital raise will support the company’s future expansion projects and help reduce its losses, according to a bourse disclosure on Tuesday.

The transaction will be subject to the approvals of SIEC’s extraordinary general meeting (EGM) and relevant bodies.

Eligibility of the rights issue will be to the shareholders on the EGM assembly that will approve the capital hike, as per the registered shareholders in the register of the Securities Depository Center Company (Edaa) at the end of the second trading day following the EGM meeting date.

Source: Mubasher

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