Logo of Naseej International Trading Co.
Naseej International Trading Co.’s shareholders approved the board’s recommendation to increase capital to SAR 211.6 million from SAR 61.6 million, via a SAR 150 million rights issue, during the extraordinary general meeting (EGM) held on Nov. 4, according to a bourse filing.
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Capital Increase Details |
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Current Capital |
SAR 61.63 mln |
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Number of Shares |
6.16 mln |
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Capital Hike% |
243.38% |
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Capital After Increase |
SAR 211.63 mln |
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Number of Shares After Increase |
21.16 mln |
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Method of Increase |
Offering and listing 15 mln rights shares |
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Reasons for Capital Increase |
To raise the company’s solvency, undertake strategic expansions, improve the financial performance as well as borrowing rates and its related costs. |
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Record Date |
Nov. 4, 2021 for shareholders of record on the second trading day following the EGM. |
The fluctuation limits will be based on a share price of SAR 38.85 and the outstanding orders will be canceled, Tadawul said in a separate bourse filing.
Rights will be deposited into investor portfolios on Nov. 9, 2021, the statement added.
In September 2020, Naseej 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, Argaam reported. The company’s board of directors had also recommended a capital hike through SAR 150 million rights issue to be implemented following the capital cut.
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