Riyadh – Mubasher: The Saudi Industrial Export Company’s (SIEC) board of directors approved reducing capital by 90% on Saturday, 23 December.

SIEC's capital will be trimmed to SAR 10.8 million, from SAR 108 million as part of a restructure scheme in line with company's new system and to cover accumulated losses, according to a bourse statement on Sunday.

Following the capital cut, SIEC's issued shares will decrease to 1.08 million shares from 10.8 million.

The capital reduction will not impact SIEC's financial commitments, the statement showed, indicating that the board also approved amendments to the company's articles of association.

In November, the industrial export firm stated that its accumulated losses had reached SAR 98.21 million, representing 90.93% of its capital.

SIEC’s stock levelled down 1.62%, closing Thursday at SAR 14.60.