Raydan Food Co.'s board of directors recommended on Sept. 8 a capital hike through SAR 112.5 million rights issue, according to a bourse filing on Tuesday.
The capital hike aims to finance the company’s future plans and expansions. It also aims to inject fresh funds to finance working capital and boost operating capacity.
Shareholders of record on the second day after the extraordinary general assembly meeting and registered with the Securities Depository Center (Edaa) will be entitled to subscribe to the offering.
The decision is pending approval from the general assembly and regulatory authorities, it noted.
FALCOM Financial Services has been appointed as the financial advisor for the offering, the statement added.
Raydan will announce later the submission date for capital increase request to the Capital Market Authority (CMA), the firm said, adding that any subsequent legal development in this regard will be disclosed in due course.
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