Saudi Industrial Export Co. (SIECO) has invited its shareholders to attend the extraordinary general assembly meeting on Dec. 23, to vote on a 90 percent capital cut, the company said in a statement to Tadawul on Thursday.
Capital will be reduced from SAR 108 million to SAR 10.8 million through writing down 9.72 million shares. Accordingly, the number of shares will be slashed to 1.08 million from 10.8 million.
The capital reduction is aimed at restructuring the company’s capital and offsetting losses in line with the new companies’ law.
SIECO added that there will no material impact on its liabilities following the capital cut.
Shareholders will also discuss amending the company's articles of incorporation.
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