Al Kathiri Holding Co.'s shareholders will discuss the board's recommendation on a capital increase, during the company's extraordinary general meeting (EGM), slated for Oct. 5, 2020, the company said in a bourse filing.
Capital will be increased from SAR 45.2 million (4.5 million shares) to SAR 90.4 million (9.04 million shares) through a SAR 45.2 million rights issue.
The capital hike aims to support the company's expansions and boost working capital to increase its operating capacity and support future projects.
Shareholders will also vote on amending several articles of association as regards the company's capital, share offering, incorporation, debt instruments, share buyback and share mortgage.
In November 2019, Al Kathiri’s board of directors recommended a capital hike through a SAR 45.2 million rights issue, according to data available on Argaam.
|
Details of Capital Hike |
|
|
Current Capital |
SAR 45.2 mln |
|
Number of shares |
4.52 mln shares |
|
Increase (%) |
100% |
|
New Capital |
SAR 90.4 mln |
|
New Shares |
9.04 mln shares |
|
Record date |
Shareholders of record on the second day after the general meeting |
|
Driver |
To support the company's expansions; boost working capital; increase operating capacity and support future projects |
|
Method |
Rights issue of 4.52 mln ordinary shares |
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