Logo of Naseej International Trading Co.
Naseej International Trading Co.’s rights trading will end today, Nov. 16, according to a bourse filing.
Subscription to new shares and rights trading began on Nov. 9, to increase capital from SAR 61.6 million to SAR 211.6 million.
Subscription to the new shares will close on Nov. 21.
Rights holders are allowed to exercise their right to subscribe to new shares (in full or in part) up to the number of shares available in their portfolios.
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Rights trading period |
Nov. 9-16 |
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Subscription period |
Nov. 9-21 |
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Reason for capital hike |
To boost solvency as well as financial performance, carry out strategic expansions, and optimize borrowing rates and its related costs. |
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Nov. 4 (Shareholders of record by the end of the second trading day following the EGM date) |
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Settlement of term loans with commercial banks |
SAR 86.7 mln |
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Working capital (raw materials for yarn products, rugs, carpets, and purchase of finished products for the commercial purposes) |
SAR 45.8 mln |
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Expanding yarn extrusion lines |
SAR 8 mln |
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Upgrading the rug and carpet rolls collection plant |
SAR 2 mln |
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Issue costs |
SAR 7.5 mln |
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Earlier this month, Naseej 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 Argaam.
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