Logo of Ash-Sharqiyah Development Co.
The Capital Market Authority (CMA) approved Ash-Sharqiyah Development Co.’s capital increase plan through a SAR 225 million rights offering.
The CMA also said in a statement today, Nov. 28, that eligibility for the rights shares will be for shareholders of record at the Securities Depository Center (Edaa) as of the close of trading on the the second day after the extraordinary general meeting (EGM), which will be determined later by the company’s board of directors.
The offering price and the number of shares offered for subscription will be determined by Ash-Sharqiyah by the close of trading on the EGM date. The prospectus will be issued and made available to the public later.
The authority also noted that its approval of the prospectus should not be considered as a recommendation to participate in the offer or to invest in the insurer’s shares.
On Dec. 30, 2020, Ash-Sharqiyah’s board of directors recommended a rights offering to raise capital by SAR 225 million, Argaam earlier reported.
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