Saudi Industrial Export Co. (SIECO) on Tuesday submitted a request to the Capital Market Authority (CMA) to increase capital through a SAR 54 million rights issue, the company said in a statement to Tadawul.

Late last year, the firm’s board of directors recommended increasing capital through a rights issue, and cutting capital by 90 percent to SAR 10.8 million from SAR 108 million.

Both moves aim to restructure capital and offset accumulated losses, Argaam previously reported.