Riyadh – Mubasher: Saudi Industrial Export Company (SIEC) on Sunday told the Saudi Capital Market Authority (CMA) that it will reduce its capital, said the company's statement to the Saudi Stock Exchange (Tadawul).
On Thursday, 9 November, the firm’s board of directors recommended decreasing capital by 90% to SAR 10.8 million, from SAR 108 million.
The company attributed capital decrease to amortise the accumulated losses of SAR 97.2 million.
On Sunday, SIEC’s stock rose 2.2%, closing at SAR 14.78.
