Riyadh - Mubasher: The board of the Saudi Industrial Export Company (SIEC) announced a new value of amending the capital through a 66.66% reduction which will be followed by an increase of 800%, according to a bourse filing on Monday.

SIEC will reduce the capital to SAR 21.6 million distributed over 2.16 million shares, from SAR 64.8 million and 6.48 million shares prior to the cut.

The company decided to reduce the capital to offset the SAR 43.2 million accumulated losses.

Following the cut, SIEC will increase the capital to SAR 194.4 million distributed over 19.44 million shares, compared to SAR 21.6 million and 2.16 million shares prior to the raise. The company will issue eight shares for every one owned share.

The listed firm aims to increase the capital to endorse its solvency and expansion plans.