Logo of Tourism Enterprise Co. (Shams)
Tourism Enterprise Co. (Shams) announced today, Oct. 27, issuing the prospectus for its planned SAR 525.67 million rights issue on the Saudi Exchange (Tadawul).
The company plans to offer 52.56 million shares at SAR 10 a share, to increase capital by 1000%. The capital increase will go for financing the acquisition of four- and five-star hotels.
The Capital Market Authority (CMA) approved lately the company’s request to hike capital to SAR 578.24 million via a rights issue.
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Key Highlights of Capital Increase |
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Current Capital |
SAR 52.57 mln |
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Number of Shares |
5.26 mln |
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Percentage of Increase |
1,000% (10 shares for every one share) |
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New Capital |
SAR 578.24 mln |
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New Number of Shares |
57.82 mln |
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Key Highlights of Rights Issue |
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Number of Offered Shares |
52.57 mln |
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Offering Price |
SAR 10 |
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Offering Size |
SAR 525.67 mln |
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Eligibility Ratio |
10 rights for every share |
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Record Date |
Shareholders of record and those registered with Edaa on the second trading day after the general meeting. |
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Proceeds |
Acquisition of hotels |
SAR 505.37 mln |
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Offering expenses |
SAR 20.3 mln |
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Total |
SAR 525.67 mln |
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