SIECO’s rights issue closes today

25/10/2018 Argaam

Saudi Industrial Exports Co. (SIECO) will close its rights issue today, Oct. 25.

 

The insurer offered 5.4 million shares at SAR 10 per share.

 

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.

 

The rights issue is the fourth to take place under the Saudi Stock Exchange’s (Tadawul) new mechanism for tradable rights, after Malath Cooperative Insurance Co., Bank Aljazira and The Mediterranean and Gulf Insurance and Reinsurance Co. (MedGulf).

 

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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