Sadr Logistics shareholders approve capital hike to SAR 175 mln via rights issue

02/12/2021 Argaam

Logo of Sadr Logistics

Sadr Logistics Co.’s shareholders approved increasing capital from SAR 25 million to SAR 175 million through rights issue worth SAR 150 million, during the extraordinary general assembly meeting held on Dec. 1, according to a bourse filing.

 

Capital Hike Details

Current Capital

SAR 25 mln

Number of shares

2.5 mln

Capital hike%

600%

Capital after increase

SAR 175 mln

Number of shares after increase

17.5 mln

Rights Issue Details

Number of rights shares

15 mln

Offering price per share

SAR 10

Size of issue

SAR 150 mln

Eligibility Ratio

Each listed shareholder shall have the right to subscribe to six shares per each owned share.

Record date

Shareholders of record by the close of trading on the second day following the EGM date

Rights issue proceeds

Investment in logistics (transportation and storage for others)

SAR 128.5 mln

Development of operational sectors (machinery, equipment, and fixtures)

SAR 18.0 mln

Issue costs

SAR 3.5 mln

 

.In a separate statement, Tadawul announced that the fluctuation limits on Sadr Logistics will be based on a share price of SAR 71.30 and the outstanding orders will be canceled

 

The priority rights will be deposited into applicable investor’s portfolios on Dec. 6, 2021.

 

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