Logo of Saudi Real Estate Co. (Al Akaria)
Saudi Real Estate Co. (Al Akaria) announced today, June 12, the results of the company’s rights issue trading and new shares subscription, as well as details of the rump offering, as follows:
|
Offering Details |
|
|
Number of Offered Shares |
135 mln |
|
Number of Subscribed Shares |
127.26 mln |
|
Value of Subscribed Shares |
SAR 1.502 bln |
|
Coverage Ratio (%) |
+94.27% |
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Number of Remaining Shares |
7.74 mln |
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Date of Reoffering of Remaining Shares |
During 14-15 June, 2022 |
Al Akaria said that rump shares will be offered to a number of institutional investors, who will submit purchase offers for the rump shares.
The shares will be allocated to institutional investors from the highest offer to the lowest (provided that it is not less than the offer price), with shares being allocated on a proportional basis among those institutional investors that have tendered offers at the same price.
If institutional investors do not subscribe to all of the rump shares, the remaining unsubscribed shares will be allocated to the underwriter, SNB Capital, who will subscribe to them at the offer price.
The company will receive the aggregate offer price collected from the rump offering. Proceeds exceeding the offer price, if any, will be distributed to those entitled to them not later than June 30, 2022.
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