Logo of Batic Investments and Logistics Co.
Batic Investments and Logistics Co. issued the prospectus for its capital increase through rights issue as it plans to issue 30 million ordinary shares at SAR 10 per share.
On Nov. 2, the Capital Market Authority (CMA) approved the company’s request to increase capital from SAR 300 million to SAR 600 million through rights issue, according to data available with Argaam.
The company invited its shareholders to vote on the process in an extraordinary general assembly meeting (EGM), which will be held on Dec. 6.
Rights issue proceeds are intended to go towards financing the company, implementing its future plans, expanding various activities and increasing the size of domestic investments, and adapting its growth plan to the renaissance and economic changes taking place in Saudi Arabia in line with the Vision 2030.
It also aims to acquire profitable assets and buy or invest in companies and income-generating assets.
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Capital Increase Details |
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Current capital |
SAR 300 mln |
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Number of shares |
30 mln shares |
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Capital increase % |
100% |
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Capital after increase |
SAR 600 mln |
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Number of shares after increase |
60 mln shares |
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Rights Issue Details |
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Number of rights shares |
30 mln shares |
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Offering price per share |
SAR 10 |
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Size of issue |
SAR 300 mln |
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Eligibility ratio |
Each registered shareholder shall have the right to subscribe to one share per owned share. |
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Record date |
Shareholders of record by the close of trading on the second day following the EGM date |
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Use of rights issue proceeds |
Repayment of part of the bridge loan to Bank AlJazira to acquire 35.8% of Smart Cities Solutions Co. |
SAR 107.87 mln |
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Cost to acquire Smart Cities Solutions Co. |
SAR 1.31 mln |
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Financing Smart Cities Solutions Co. to pay its dues to AMNCO |
SAR 20.00 mln |
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Financing Smart Cities Solutions Co. to pay the remaining rent due to Eastern Region Municipality, related to smart parking project |
SAR 24.44 mln |
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Repayment of short-term loans |
SAR 40.00 mln |
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Financing smart parking projects |
SAR 46.20 mln |
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Supporting working capital of AlShifa Medical Technology Co. |
SAR 5.00 mln |
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Acquiring income-generating assets and businesses |
SAR 50.00 mln |
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Issue costs |
SAR 5.18 mln |
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