Al Akaria sets period for right issue, new shares subscription

Logo of Saudi Real Estate Co. (Al Akaria)

Saudi Real Estate Co. (Al Akaria) determined the period of rights issue trading and subscription in the new shares, setting the start date for right issue and new shares subscription as May 30.

In a statement to Tadawul, Al Akaria said right issue trading will end June 6, while the period for subscription to new shares ends June 9.

Right-holders may exercise their subscription right, in whole or in part, to the new shares in proportion to the rights existing in their portfolios. For registered shareholders and new investors, rights trading and subscription to new shares will be based on the details mentioned in the prospectus.

Any unsubscribed shares and fractional shares will be offered to institutional investors, in accordance with the details set in the prospectus. SNB Capital will underwrite the new shares, which remain unsubscribed after the rump offering.

Investors who do not want to subscribe should consider the importance of selling their rights during the specified trading period; so as not be exposed to a loss in the value of their investment portfolios as a result of not benefiting from their rights by sale or subscription, the statement said.

According to the data available on "Argaam" , the extraordinary general assembly of the Saudi Real Estate Company agreed, during its meeting last Wednesday, to increase the company's capital from 2,400 million riyals to 3750 million riyals, through a rights issue of 1,593 million riyals.

Last week, Al Akaria’s shareholders approved increasing capital from SAR 2.4 billion to SAR 3.75 billion through a SAR 1.593 billion rights issue, Argaam reported.

For more IPOs