SIECO says accumulated losses reached 32.4% of capital

Logo of Saudi Industrial Exports Co.

Saudi Industrial Exports Co. (SIECO) announced an amendment to the auditor's report showed the company's financial position after the decrease in its accumulated losses from Dec. 31, 2021, until Feb.15, 2021, the date of the approval of the extraordinary general assembly (EGM), to reduce its capital.

The financial impact of the amendment as of the date of the auditor's report showed an increase in the accumulated losses to SAR 7 million, or 32.42% of the company's capital, on Feb.15.

The Saudi Exchange (Tadawul) will apply the procedures and instructions of companies whose accumulated losses reached 20% or more of their capital.

In March, SIECO announced that its accumulated losses reached SAR 5.11 million, representing 23.64% of capital, as of Dec. 31, 2021. This came due to a 66.66% capital cut process approved by the EGM to offset SAR 43.2 million in accumulated losses.