Logo of Saudi Industrial Export Co. (SIECO)
Saudi Industrial Export Co. (SIECO) announced today the prospectus for its capital increase through offering rights issue shares worth SAR 172.8 million.
Capital will be increased to SAR 194.40 million, through offering 17.28 million rights issue shares at a nominal value of SAR 10 each.
The capital hike is aimed to boost the company's solvency and strategic expansion.
The Capital Market Authority (CMA) approved in March the request received from the company to increase capital through SAR 172.8 million rights issue, as per Argaam's data.
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Capital Hike Details |
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Current Capital |
SAR 21.60 mln |
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Number of shares |
2.16 mln shares |
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Capital hike% |
800% |
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Capital after increase |
SAR 194.40 mln |
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Number of shares after increase |
19.44 mln shares |
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Rights Issue Details |
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Number of Shares Offered |
17.28 mln shares |
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Offer price |
SAR 10 |
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Size of issue |
SAR 172.80 mln |
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Eligibility Ratio |
Each listed shareholder shall have the right to subscribe to 8 shares per each owned share. |
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Record date |
The increase will be limited to the shareholders who are registered in the Securities Depository Center (Edaa) by the close of trading on the second trading day after the extraordinary general meeting (EGM). |
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Rights issue proceeds |
Logistic operations |
SAR 67.48 mln |
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Geographic expansion |
SAR 43.39 mln |
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Funding supply contracts |
SAR 42.52 mln |
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Digitization |
SAR 14.41 mln |
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Payment of the Offering fees and costs |
SAR 5 mln |
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