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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.
Market Indices
TASI
7,730.63
(101.17)
(1.29 %)
Quotes
SIECO
62.50
(1.70)
(2.65 %)
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