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Saudi Industrial Export Co. (SIECO) submitted, on Dec. 31, 2020, its request to increase capital through rights issue offering to the Capital Market Authority (CMA), the company said in a statement to Tadawul.

 

Any updates will be announced in a timely manner, the statement added.

 

The company has appointed Alkhair Capital as the financial advisor to manage the rights issue.

 

SIECO’s board of directors recommended, on Nov. 9, 2020, a capital hike through SAR 129.6 million rights issue, according to data available with Argaam.

 

The capital increase will support the company’s future expansions, fulfill the working capital requirements in addition to boosting operations and offsetting losses.

 

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