Riyadh – The Saudi Industrial Export Company’s (SIEC) Board of Directors on 9 November 2020 proposed increasing the company’s capital by SAR 129.6 million via a rights issue.

The capital raise will support the company’s future expansion projects and help reduce its losses, according to a bourse disclosure on Tuesday.

The transaction will be subject to the approvals of SIEC’s extraordinary general meeting (EGM) and relevant bodies.

Eligibility of the rights issue will be to the shareholders on the EGM assembly that will approve the capital hike, as per the registered shareholders in the register of the Securities Depository Center Company (Edaa) at the end of the second trading day following the EGM meeting date.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.