SIECO shareholders to vote on SAR 172.8 mln rights issue on May 11

19/04/2022 Argaam

Logo of Saudi Industrial Export Co. (SIECO)

Saudi Industrial Export Co. (SIECO) shareholders will vote on increasing capital through a SAR 172.8 million rights issue, during an extraordinary general meeting (EGM) to be held on May 11, the company said in a statement to Tadawul. 

  

The Capital Market Authority (CMA) approved in March the request received from the company to increase capital through a SAR 172.8 million rights issue, Argaam reported. 

  

The capital hike aims to boost the company's solvency and strategic expansion. 

 

Capital Hike Details

Current Capital

SAR 21.60 mln

Number of shares

2.16 mln shares

Capital hike%

800%

Capital after increase

SAR 194.40 mln

Number of shares after increase

19.44 mln shares
 

Rights Issue Details

Number of Shares Offered

17.28 mln shares

Offer price

SAR 10

Size of issue

SAR 172.80 mln

Eligibility Ratio

Each listed shareholder of record shall be granted eight rights for each share owned

Record date

Shareholders registered with the Securities Depository Center (Edaa) by the close of trading on the second trading day after the EGM date.

Rights issue proceeds

Logistic operations

SAR 67.48 mln

Geographic expansion

SAR 43.39 mln

Funding supply contracts

SAR 42.52 mln

Digitization

SAR 14.41 mln

Offering fees

SAR 5 mln

 

 

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