SIECO shareholders to vote on 66.66% capital reduction on Feb. 15

Shareholders of Saudi Industrial Export Co. (SIECO) will discuss the board’s recommendation on decreasing capital by 66.66% from SAR 64.8 million to SAR 21.6 million, during the extraordinary general meeting (EGM) that will be held on Feb. 15.

SIECO will slash the number of shares from 6.48 million to 2.16 million, the company said in a statement to Tadawul.

There is no financial impact from the capital reduction process on the company’s financial obligations.

In December 2021, SIECO’s board of directors proposed to slash capital by 66.66%, by writing down two shares for every three outstanding shares to SAR 21.6 million, Argaam earlier reported.