FIPCO issues prospectus for SAR 115 mln rights offering

Logo of Filing and Packing Materials Manufacturing Co. (FIPCO)

Filing and Packing Materials Manufacturing Co. (FIPCO) announced a prospectus for its capital increase through a SAR 115 million rights offering.

 

The company will offer 11.5 million shares at SAR 10 each, to increase the capital by 100%, to SAR 230 million.

 

The Capital Market Authority (CMA) approved, in November 2022, the request received from the company to increase capital through a rights issue, as per Argaam's data.

 

The company will use the rights issue proceeds in investment expansions and repayment of loans, as well as financing working capital.

 

Capital Hike Details

Current Capital

SAR 115 mln

Number of Shares

11.5 mln

Percentage Increase

100% (one right for every one share held)

New Capital

SAR 230 mln

Number of Shares

23 mln 
 

Rights Issue Details

Offered shares

11.5 mln 

Offer price

SAR 10

Size of issue

SAR 115 mln

Eligibility ratio

Registered shareholders shall have one right for every share held.

  Record date

The increase will be limited to the shareholders registered with Edaa by the close of trading on the second trading day after the extraordinary general assembly meeting (EGM).

Rights issue proceeds

Investment expansions

SAR 49 mln

Repayment of loans

SAR 30 mln

Financing working capital

SAR 32 mln

Offering costs

SAR 4 mln
 

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