SIECO rights trading, new shares subscription to begin tomorrow

Saudi Industrial Exports Co.’s (SIECO) subscription to new shares and rights trading will begin tomorrow, May 23, according to a bourse filing. 

The rights trading will close on May 30, while the subscription to the new shares will end on June 2. 

Rights holders are allowed to exercise their right to subscribe to new shares (in full or in part) up to the number of shares available in their portfolios. The rights trading and subscription to new shares for registered shareholders and new investors will be as per the prospectus. 

AlKhair Capital, the offering financial advisor, lead manager and underwriter, will underwrite the rights issue if the entire subscription is not fully covered. 

Last week, the company’s shareholders approved increasing capital from SAR 21.6 million to SAR 194.4 million through a SAR 172.8 million rights issue, during an extraordinary general meeting (EGM) held on May 11, Argaam reported.