Tourism Enterprise Co. (Shams)
Tourism Enterprise Co.'s (Shams) board of directors approved, on Feb. 15, amending its recommendation to increase capital by offering rights issue from SAR 315.40 million to SAR 525.24 million.
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Capital Increase Details |
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Capital after increase |
SAR 52.57 mln |
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Number of shares before increase |
5.26 mln |
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Capital hike% |
1000% (through issuance of 10 shares for each share) |
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Capital after increase |
SAR 578.24 mln |
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Number of shares after increase |
57.82 mln |
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Reason for increase |
To support working capital, enhance financial solvency, rehabilitate the current resort in the Eastern Province, and invest in the tourism sector to support Vision 2030, which aims to boost and develop hospitality facilities and other tourism services in line with the future plans of the General Entertainment Authority. |
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Method of increase |
Issuance of rights shares worth SAR 525.24 million. |
The company added that the process of increasing its capital by offering priority rights is subject to the approval of the official authorities and the approval of its extraordinary general assembly.
Any new developments will be announced in due course.
The company's shareholders approved, in December 2021, the board's recommendation on reducing capital by 48.21% to SAR 52.57 million, from SAR 101.5 million, according to Argaam’s data.
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