A branch of Raydan Food
Raydan Food Co.’s rights issue shares were 97.26% subscribed, as subscribers injected SAR 109.42 million to subscribe to 10.94 million shares, the company said in a bourse filing.
The remaining shares will be reoffered to institutional investors on a pro rata basis on Aug. 24-25.
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Rights Issue Details |
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Number of rights issue shares |
11.25 mln |
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Number of subscribed shares |
10.94 mln |
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Subscription value |
SAR 109.42 mln |
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Coverage ratio (%) |
97.26% |
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Number of remaining shares |
307,800 |
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Period of offering remaining shares |
Aug. 24-25 |
The rump shares will be offered to a number of institutional investors, provided that those institutions submit purchase offers.
The remaining shares will be allocated to institutional investors by giving priority to the highest bid, then the lowest and the lowest (provided that it is not less than the offering price), with shares being allocated on a proportional basis among those institutional investors that have tendered offers at the same price.
In the event shares remain unpurchased by institutional investors, those will be allocated to the underwriter who will purchase them at the offering price.
Raydan Food’s rights subscription period ended Aug. 19, Argaam reported.
The subscription started on Aug. 9, to increase the company’s capital from SAR 225 million to SAR 337.5 million, through a rights issue of 11.25 million shares at SAR 10 per share.
Rights trading period, which also started on Aug. 9, ended on Aug 16, 2021.
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Key Figures of the Capital Increase via Rights Issue |
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Capital before increase |
SAR 225 mln |
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Number of shares |
22.5 mln |
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Increase (%) |
50% |
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New capital |
SAR 337.5 mln |
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New number of shares |
33.75 mln |
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Rights Issue Details |
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Number of shares offered |
11.25 mln |
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Offering price per share |
SAR 10 |
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Issue size |
SAR 112.5 mln |
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Subscription period |
Aug. 9-16, 2021 Aug. 9-19, 2021 |
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Due date |
July 13, 2021 (Shareholders registered in the company’s register at the end of the second trading day following the general assembly meeting) |
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Rights issue proceeds |
Completion of Al-Zaydi project |
SAR 4 mln |
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Completion of Al Madinah project |
SAR 4.5 mln |
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Construction of the new university branch |
SAR 4 mln |
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Application of the new identity |
SAR 15 mln |
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Establishment of new branches |
SAR 10 mln |
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Factory and service centers |
SAR 20 mln |
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Repayment of loans |
SAR 10 mln |
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Investment amounts |
SAR 9.35 mln |
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Working capital |
SAR 30.72 mln |
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Offering costs |
SAR 4.93 mln |
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