SIECO approves 90% capital cut to offset losses

24/12/2017 Argaam

 

Saudi Industrial Export Co.’s (SIECO) general assembly has approved a 90 percent capital cut to SAR 10.8 million from SAR 108 million, to restructure capital and offset accumulated losses, the company said in a statement on Tadawul.

 

The reduction won’t have material impact on the company’s liabilities, the statement added.

 

Capital reduction details

Current Capital

SAR 108 mln

Number of shares

10.8 mln shares

Capital cut percent

90% (90 shares for every 100)

New capital

SAR 10.8 mln

New number of shares

1.08 mln shares

Method of capital cut

Writing off 9.72 mln shares

Reasons

Restructuring the company’s capital to offset accumulated losses

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