The fluctuation limit on Saudi Industrial Export Co. (SIECO) shares after capital reduction will be based on a share price of SAR 146, the Saudi Stock Exchange (Tadawul) said in a statement Sunday.
Additionally, the firm’s shares will be suspended for two business days, starting December 24 until the Securities Depository Center (Edaa) reflects the capital cut on shareholders’ portfolios.
The company’s extraordinary general assembly approved on December 23 cutting capital by 90 percent to SAR 10.8 million, from SAR 108 million.
The number of shares will be slashed to 1.08 million from 10.8 million.
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