SIECO cuts accumulated losses to 10.64% of capital

Logo of Saudi Industrial Export Co. (SIECO)

Saudi Industrial Export Co.’s (SIECO) accumulated losses declined to SAR 20.68 million, or 10.64% of the capital that stands at SAR 194.4 million, according to a bourse statement.

This decline in accumulated losses is attributed to the approval of the extraordinary general meeting (EGM) on May 11 to increase capital in order to raise the company’s financial solvency and strategic expansion.

On May 11, shareholders approved to increase capital from SAR 21.6 million to SAR 194.4 million through a SAR 172.8 million rights issue, according to data available with Argaam.