Saudi Industrial Exports Co. (SIECO) will begin its rights issue today, Oct. 15, to raise its capital to SAR 64.8 million from SAR 10.8 million.
The rights will be tradable until Oct. 22, and subscription period will run until Oct. 25.
The rights issue will be the fourth to take place under the Saudi Stock Exchange’s (Tadawul) new mechanism for tradable rights, after Malath Cooperative Insurance Co., Bank Aljazira and The Mediterranean and Gulf Insurance and Reinsurance Co. (MedGulf).
The insurer is offering 5.4 million shares at SAR 10 per share.
Last week, the company’s general assembly approved a SAR 54 million capital hike to SAR 64.8 million from SAR 10.8 million through a rights issue, Argaam reported earlier.
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Key Figures of the Capital Hike |
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Current Capital |
SAR 10.8 mln |
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Number of shares |
1.08 mln shares |
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Hike (%) |
500% (5 for every 1 share) |
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New Capital |
SAR 64.8 mln |
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New number of shares |
6.48 mln shares |
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Rights Issue Details |
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Number of rights issue shares |
5.4 mln |
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Issue price |
SAR 10/ share |
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Issue size |
SAR 54 mln |
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Record date |
Oct. 9, 2018 |
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Rights trading period |
Oct. 15 to Oct. 22 |
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Rights subscription period |
Oct. 15 to Oct. 25 |
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Use of proceeds |
Rights issue proceeds after deducting expenses of SAR 4 mln will go towards supporting the company's financial position and developing its business and activities |
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Additional Information |
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Financial advisor |
Saudi Kuwaiti Finance House |
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Underwriter, lead manager |
Al Khair Capital |
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Receiving banks |
SABB, SAIB, Alawwal |
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