SIECO approves closing Jordan branch on lack of business

08/03/2021 Argaam

Logo of Saudi Industrial Export Co. (SIECO)

Saudi Industrial Export Co.'s (SIECO) board of directors, on March 7, 2021, gave the go-ahead for closing the company's branch in Jordan, the firm said in a filing to Tadawul.

 

The move is part of the board's efforts to achieve continuous development and push the company towards profitability.

 

The firm attributed the branch closure to weak financial performance and to reduce general and administrative expenses.

 

The relevant financial impact, if any, will be disclosed by the end of 2021, the statement noted.

 

In March 2020, SIECO announced the start of its branch in Amman Duty Free, after registering it in December 2017, according to data available with Argaam.

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