SIECO’s rights issue 87.8% subscribed

28/10/2018 Argaam

 

Saudi Industrial Exports Co. (SIECO) said its rights issue was 87.8 percent subscribed, as investors pumped SAR 47.41 million into 4.74 million shares, the company said in a bourse filing.

 

The remaining 658,710 shares will be reoffered on a pro rata basis to institutional investors on Oct. 30-31, 2018.

 

The insurer offered 5.4 million shares at SAR 10 per share, and the issue closed on Oct. 25.

 

The rights issue, which started on Oct. 15, was aimed at raising the company’s capital to SAR 64.8 million from SAR 10.8 million.

 

Earlier this month, 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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