Ash-Sharqiyah plans SAR 225 mln capital hike via rights issue

30/12/2020 Argaam

Ash-Sharqiyah Development’s logo 

Ash-Sharqiyah Development Co.’s board of directors recommended a capital hike through a rights issue of SAR 225 million, the company said in a bourse statement.

 

The capital hike aims to enable the company to implement its strategic and operational plans and support its future activities, the statement added.

 

Eligibility will be to shareholders registered at the company’s extraordinary general assembly including those registered at the Securities Depository Center (Edaa) at the end of second trading day following the EGM.

 

The process is pending regulatory approvals including the company’s extraordinary general assembly.

 

Future updates including appointing a financial advisor and submitting the capital hike file to the Capital Market Authority (CMA) will be announced in a timely manner, the company also said.

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