Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) on Wednesday approved reducing Saudi Industrial Export Company’s (SIEC) capital to SAR 10.8 million, from SAR 108 million.
The shares will be decreased to 1.08 million, from 10.8 million, according to a statement to the Saudi Stock Exchange (Tadawul).
Approving the capital decline will be subject to SIEC’s extraordinary general meeting's (EGM) approval, and after completing other regulatory procedures and regulations, the CMA added.
On Sunday, the firm submitted its request to the CMA to reduce its capital.
By 11:36 am KSA time, the stock grew 5.76%, reaching SAR 15.98.
