Logo of Naseej International Trading Co.

Naseej International Trading Co. issued prospectus for its SAR 150 million rights issue, the company said in a bourse filing.

 

Earlier this month, the Capital Market Authority (CMA) approved a request to increase its capital through a rights issue, according to data compiled by Argaam.

 

The company’s board of directors also recommended a rights issue to be implemented following the capital cut.

 

In September 2020, the extraordinary general meeting (EGM) approved reducing the company’s capital by 65.4% to SAR 61.63 million from SAR 178.16 million through writing off 11.65 million shares.

 

The EGM will discuss the capital increase on Oct. 12.

 

Capital Increase Details

Current Capital

SAR 61.63 mln

Number of Shares

6.16 mln

Capital Hike %

243.38 %

Capital after Increase

SAR 211.63 mln

Number of Shares after Increase

21.16 mln
 

Rights Issue Details

Number of Rights Shares

15 mln

Offering Price Per Share

SAR 10

Issue Size

SAR 150 mln

Eligibility Coefficient

One share for each 2.43 shares held

Record Date


Shareholders of record at the end of trading on the EGM date, and those enrolled on the Securities Depository Center (Edaa) by the end of the second trading day following the EGM date.

Rights Issue Proceeds

Settlement of term loans with commercial banks

SAR 86.7 mln

Working capital (raw materials for yarn products, rugs, carpets, and purchase of finished products for the commercial sector)

SAR 45.8 mln

Extension of yarn extrusion lines                                

SAR 8 mln

Upgrading the rug and carpet rolls collection plant

SAR 2 mln

Issue costs

SAR 7.5 mln

 

For More IPOs

Rights Issue Prospectus

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