SIECO issues prospectus for SAR 172.8 mln rights issue

14/04/2022 Argaam
Logo ofSaudi Industrial Export Co. (SIECO)

Logo of Saudi Industrial Export Co. (SIECO) 


Saudi Industrial Export Co. (SIECO) announced today the prospectus for its capital increase through offering rights issue shares worth SAR 172.8 million.

 

Capital will be increased to SAR 194.40 million, through offering 17.28 million rights issue shares at a nominal value of SAR 10 each.

 

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

 

The Capital Market Authority (CMA) approved in March the request received from the company to increase capital through SAR 172.8 million rights issue, as per Argaam's data.

 

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 shall have the right to subscribe to 8 shares per each owned share.

Record date

The increase will be limited to the shareholders who are registered in the Securities Depository Center (Edaa) by the close of trading on the second trading day after the extraordinary general meeting (EGM).

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

Payment of the Offering fees and costs

SAR 5 mln

 

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