SIECO recommends capital hike via SAR 129.6 mln rights issue

Saudi Industrial Export Co.’s (SIECO) board of directors recommended on Nov. 9, 2020, increasing capital via a SAR 129.6 million rights issue, the company said in a bourse statement.

The capital increase will support the company’s future expansions, fulfill the working capital requirements in addition to boosting operations and offsetting losses.

Shareholders of record on the second day after the extraordinary general meeting (EGM) will be entitled to subscribe to the rights issue, the statement added.

The capital top-up is pending the approval of competent authorities and the general meeting.

SIECO indicated that it will later name a financial advisor and will file for the capital market authority’s (CMA) approval.

In 2018, SIECO hiked capital from SAR 10.8 million to SAR 64.8 million, via a SAR 54 million rights issue, Argaam reported.