Logo of Al-Baha Investment and Development Co.
Al-Baha Investment and Development Co.’s announced the details of the rights issue and the subscription to the new shares, as follows:
|
Subscription Details |
|
|
Total Offered Shares |
12 mln |
|
Number of Subscribed Shares |
10.74 mln |
|
Subscription Value |
SAR 107.36 mln |
|
Coverage Ratio |
89.46% |
|
Rump Shares |
1.26 mln |
|
Offering Date of Rump Shares |
March 15-16, 2022 |
Rump shares will be offered to a number of institutional investors, provided that those institutions submit purchase offers for the rump shares.
Remaining shares will be allocated to institutional investors pro rata. Unsubscribed shares will be offered to the underwriter at the offering price.
Al-Baha shareholders approved the board of directors’ recommendation to increase capital to SAR 297 million from SAR 177 million through a SAR 120 million rights issue during the extraordinary general meeting (EGM) held on Feb. 21, Argaam reported.
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