Maadaniyah to refund SAR 26.3 mln to rights holders of unsubscribed shares

Logo of National Metal Manufacturing and Casting Co. (Maadaniyah)

National Metal Manufacturing and Casting Co. (Maadaniyah) will pay SAR 26.3 million worth of refunds to the rights holders who did not subscribe to new shares on Jan. 12, according to a bourse filing.

The company will deposit the amount in the bank accounts of eligible rights holders who did not subscribe to new shares and are entitled to fractional shares.

According to data compiled by Argaam, shareholders approved the board of directors’ recommendation on 16.76% capital cut from SAR 281.12 million to SAR 234 million, followed by SAR 120 million capital increase through a rights issue.