CMA approves Raydan's capital hike through SAR 112.5 mln rights issue

02/05/2021 Argaam

A branch of Raydan Food Co.

The Capital Market Authority (CMA) approved Raydan Food Co.'s request to increase its capital through a SAR 112.5 million rights issue.

 

The increase will be limited to shareholders registered at the Security Depository Center (Edaa) as of the closing of the second trading day after the extraordinary general meeting (EGM), which the company's board of directors will determine at a later date, the market regulator said in a statement today, May 2, 2021.

 

The company will determine the offering price and the number of shares offered for subscription after market closing of the same day in which the EGM is to be held.

 

In September 2020, Raydan’s board of directors recommended a capital hike through SAR 112.5 million rights issue. The company submitted its capital hike request to the CMA in December 2020.

 

The capital hike aims to finance the company’s future plans and expansions, as well as inject fresh funds to finance working capital and boost operating capacity.

 

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