Saudi Industrial Export Co. (SIECO) has recorded SAR 98.2 million in accumulated losses, accounting for 90.93 percent of capital, the company said in a statement to Tadawul.
These losses were mainly driven by SAR 64.6 million in credit loss provisions taken during 2014 and 2015, SAR 16.5 million in other investment as well as insurance provisions, and an increase of SAR 17.08 million in accumulated losses for Q3 2017.
The Saudi company will be subject to the CMA’s rules governing listed companies with accumulated losses of 50 percent or more of capital.
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