Logo of Tourism Enterprise Co.
Shareholders of Tourism Enterprise Co. (Shams) approved a 1,000% capital increase through a SAR 525.67 million rights issue, during the extraordinary general meeting (EGM) held on Nov. 20, the company said in a statement on Tadawul.
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Capital Hike Details |
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Current capital |
SAR 52.57 mln |
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Number of shares |
5.26 mln |
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Capital hike percentage |
1,000% (10 rights per 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 |
Supporting working capital, enhancing the company’s financial solvency, rehabilitating the current resort located in the Eastern Province, and entering investments in the tourism sector in support of Vision 2030, which aims to increase and develop hospitality facilities and other tourism services in line with the future plans of the General Entertainment Authority |
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Method |
Offering a rights issue worth SAR 525.67 mln |
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Record date |
Nov. 20, 2022 (Shareholders registered with Edaa at the end of the second trading day, following the EGM date) |
In a separate statement, the Saudi Exchange (Tadawul) announced that the fluctuation limit will be based on a share price of SAR 21.94 and the outstanding orders will be cancelled today, Nov. 21.
Additionally, the rights will be deposited into shareholders' accounts on Nov. 23.
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