Saudi Industrial Export Co.’s (SIECO) general assembly has approved a 90 percent capital cut to SAR 10.8 million from SAR 108 million, to restructure capital and offset accumulated losses, the company said in a statement on Tadawul.
The reduction won’t have material impact on the company’s liabilities, the statement added.
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Capital reduction details |
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Current Capital |
SAR 108 mln |
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Number of shares |
10.8 mln shares |
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Capital cut percent |
90% (90 shares for every 100) |
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New capital |
SAR 10.8 mln |
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New number of shares |
1.08 mln shares |
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Method of capital cut |
Writing off 9.72 mln shares |
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Reasons |
Restructuring the company’s capital to offset accumulated losses |
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