Edaa implements securities decrease on SIECO

Logo of Saudi Industrial Export Co. (SIECO) 

The Securities Depository Center Co. (Edaa) implemented securities quantity decrease for Saudi Industrial Export Co. (SIECO) into the accounts of eligible securities’ holders today, Feb. 20, it said in a statement.

Last week, SIECO’s shareholders approved a 66.66% capital cut to SAR 21.6 million from SAR 64.8 million, writing down two shares for every three outstanding shares, Argaam reported.

The capital reduction will aid restructuring of the capital and the amortization of accumulated losses.