Riyadh – Mubasher: The Saudi Industrial Export Company (SIEC) on Wednesday announced that its shareholders had approved raising the capital through right issue shares by SAR 54 million, or 500%, during an extraordinary general meeting (EGM) held the previous day.

SIEC's capital will hike to SAR 64.8 million, from SAR 10.8 million, while its shares will increase to 6.48 million from 1.08 million, according to a statement to the Saudi Stock Exchange (Tadawul).

The eligibility of obtaining the right issue shares will be for the shareholders registered in the Tadawul Securities Depository at the end of the trading day following the EGM’s meeting which will be on Thursday, 11 October.

The capital hike aims to support the company's financial position, develop its business, and improve its activities.

The EGM further noted that it amended some of its articles of association to cope with the capital increase.

On a separate note, Tadawul announced that fluctuation limit for SIEC’s stock will be based on a share price of SAR 47.45.

SIEC last reported a profit of SAR 320,000 during the second quarter of 2018, against suffering SAR 13.2 million in losses in the previous year period.

The firm’s stock fell 1.26% to close Tuesday's trading session at SAR 234.80.