Logo of Saudi Industrial Development Co. (SIDC)

Saudi Industrial Development Co.'s (SIDC) shareholders will vote on increasing capital through SAR 165 million rights issue, during an extraordinary general assembly meeting, to be held on Nov. 6, the company said in a Tadawul statement.

 

Capital Increase Details

Current Capital

SAR 135 mln

Number of Shares

13.5 mln

New Capital

SAR 300 mln

New Number of Shares

30 mln

Percentage of Increase

122.22%

Par Value

SAR 10

Method

Offering 16.5 million rights issue shares at a total value of SAR 165 million.

Reason for Increase

Enable the company to implement its operational plans, support its working capital and enhance its financial position.

Record Date

Shareholders of record at the end of trading on the day of the company’s extraordinary general assembly (EGM), and those registered with Edaa at the end of the second trading day following the EGM
 

According to Argaam's data, SIDC shareholders approved, in September 2024, the board’s proposal to cut capital by 66.25% from SAR 400 million to SAR 135 million, through writing off 26.5 million shares to amortize accumulated losses.

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