SIDC submits capital cut request to CMA

23/06/2024 Argaam
Logo ofSaudi Industrial Development Co. (SIDC)

Logo of Saudi Industrial Development Co. (SIDC)

Saudi Industrial Development Co. (SIDC) submitted on June 13 an application to the Capital Market Authority (CMA) for approval to reduce its capital by SAR 265 million, according to a statement to Tadawul.

 

The capital decrease is subject to the applicable regulatory approvals, including the approval of the company’s extraordinary general assembly.

 

The company will announce any future developments in this regard later, the statement added.

 

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In May, SIDC’s board of directors recommended a 66.25% capital cut to SAR 135 million from the current SAR 400 million to restructure capital and offset accumulated losses, Argaam reported.

 

The board also proposed a subsequent capital increase via a SAR 165 million rights issue to enable the company to implement its operational plans, support working capital, and strengthen its financial position.

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