Logo of Saudi Industrial Export Co. (SIECO)
Saudi Industrial Export Co. (SIECO) shareholders will vote on increasing capital through a SAR 172.8 million rights issue, during an extraordinary general meeting (EGM) to be held on May 11, the company said in a statement to Tadawul.
The Capital Market Authority (CMA) approved in March the request received from the company to increase capital through a SAR 172.8 million rights issue, Argaam reported.
The capital hike aims to boost the company's solvency and strategic expansion.
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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 of record shall be granted eight rights for each share owned |
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Record date |
Shareholders registered with the Securities Depository Center (Edaa) by the close of trading on the second trading day after the EGM date. |
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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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Offering fees |
SAR 5 mln |
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