Riyadh –  The board members of Saudi Industrial Export Company (SIEC) proposed, on 13 June, to split the nominal value of the share to SAR 0.50 from SAR 10 per share.

The number of shares after the nominal value split transaction will stand at 388.80 million shares instead of 19.44 million, according to a bourse filing.

SIEC highlighted its commitment to completing the necessary related procedures.

In the first quarter (Q1) of 2023, the Tadawul-listed company incurred net losses after Zakat and tax amounting to SAR 1.72 million, an annual plunge of 64.75% from SAR 4.88 million.

Meanwhile, the revenues hiked by 7,116% to SAR 4.33 million in Q1-23 from SAR 60,000 in Q1-22.

The loss per share hit SAR 0.09 during Q1-23, down from SAR 1.12 in the year-ago period.

The accumulated losses reached SAR 37.21 as of 31 March 2023, accounting for 19.14% of the SAR 194.40 million capital.

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