SIECO says capital reduction aimed to restructure capital, amortize 96.7% of accumulated losses

Saudi Industrial Export Co. (SIECO) said that the planned capital reduction is aimed to restructure the capital and amortize 96.71% of its SAR 43.32 million accumulated losses, according to a bourse filing.

The company's shareholders will discuss the board’s recommendation on decreasing capital by 66.66% from SAR 64.8 million to SAR 21.6 million, during the ordinary general meeting (EGM) that will be held on Feb. 25.

SIECO will slash the number of shares from 6.48 million to 2.16 million.

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.