Saudi Industrial Export Co. (SIECO) on Tuesday submitted a request to the Capital Market Authority (CMA) to increase capital through a SAR 54 million rights issue, the company said in a statement to Tadawul.
Late last year, the firm’s board of directors recommended increasing capital through a rights issue, and cutting capital by 90 percent to SAR 10.8 million from SAR 108 million.
Both moves aim to restructure capital and offset accumulated losses, Argaam previously reported.
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