Logo of Saudi Industrial Export Co.
The Capital Market Authority (CMA) approved an application from Saudi Industrial Export Co. (SIECO) to reduce its capital from SAR 64.8 million to SAR 21.6 million by slashing the number of shares from 6.48 million to 2.16 million.
The CMA's decision is conditional on the company's extraordinary general assembly (EGM) approval and completion of the necessary procedures in relation to the applicable regulations, the market regulator said in a statement.
The company will publish a disclosure document to its shareholders related to the proposed method of capital reduction and its expected impact within sufficient time prior to the EGM to enable shareholders to vote on the planned capital decrease.
In December 2021, SIECO’s board of directors proposed to slash capital by 66.66%, or two shares for every three outstanding shares, from SAR 64.80 million to SAR 21.6 million, Argaam earlier reported.
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