SIECO says accumulated losses down to 23.6% of capital

Logo of Saudi Industrial Exports Co.

Saudi Industrial Exports Co. (SIECO) announced that its accumulated losses reached SAR 5.11 million, representing 23.64% of capital, as of Dec. 31, 2021.

This came as a result of the 66.66% capital cut process approved by the extraordinary general assembly (EGM) on Feb. 15, to offset SAR 43.2 million in accumulated losses, according to a bourse statement.

Procedures and instructions applicable to listed companies in Saudi capital market whose accumulated losses reach 20% or more out of the capital thereof will continue to apply.

Last month, SIECO shareholders approved the board’s recommendation on decreasing capital by 66.66% to SAR 21.6 million from SAR 64.8 million, according to data available on Argaam.