Riyadh - The shareholders of Saudi Industrial Exports Company (SIEC) approved the board’s recommendation to reduce the capital to SAR 21.60 million by cancelling 4.32 million shares, representing 66.66% of the capital.

The new capital will be distributed over 2.16 million shares, compared to 6.48 million shares valued at SAR 64.8 million prior to the cut, according to a bourse filing on Wednesday.

The capital reduction decision aims to restructure the capital and amortise SAR 43.32 million of the accumulated losses registered on 30 September 2021.

 

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