Logo of Saudi Industrial Export Co.
Saudi Industrial Export Co.’s (SIECO) shareholders approved the board’s recommendation on decreasing capital by 66.66% to SAR 21.6 million from SAR 64.8 million during the extraordinary general meeting (EGM) held on Feb. 15, according to a bourse statement.
|
Details of Capital Cut |
|
|
Current Capital |
SAR 64.80 mln |
|
Number of Shares |
6.48 mln |
|
Reduction (%) |
60.66% (writing down 2 shares for every 3 outstanding shares) |
|
New Capital |
SAR 21.60 mln |
|
New Number of Shares |
2.16 mln |
|
Method |
Writing off 4.32 mln shares |
|
Reason |
Restructure capital and amortize (96.71%) of the accumulated losses as of Sept. 30, 2021, amounting to SAR 43.32 million |
|
Date |
The second trading day after the company’s EGM in which capital reduction was decided. |
The capital reduction will have no effect on the company’s financial obligations.
Shareholders approved amendments to Articles 3, 7, 8 and 53 related to the company’s objectives, capital, subscription, and liability claim.
In a separate statement, the Saudi Exchange (Tadawul) said that the fluctuation limit on SIECO shares after capital reduction will be based on a share price of SAR 341.40, and the outstanding orders will be canceled.
Additionally, the firm’s shares will be suspended for two business days, starting today until the Securities Depository Center (Edaa) reflects the capital cut on shareholders’ portfolios.
The suspension will be lifted at the end of the trading day on Feb.17.
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