AI Summary
Logo of Ash-Sharqiyah Development Co.
Ash-Sharqiyah Development Co.’s shareholders will vote on increasing capital through a SAR 225 million rights offering, during the extraordinary general meeting (EGM) scheduled for April 11, the company said in a statement to Tadawul.
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Capital Hike Details |
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Current Capital |
SAR 75 mln |
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Current Number of Shares |
7.5 mln |
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Percentage of Increase |
300% |
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New Capital |
SAR 300 mln |
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New Number of Shares |
30 mln |
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Rights Issue Details |
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Offer Shares |
22.5 mln |
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Offer Price |
SAR 10/share |
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Issue Size |
SAR 225 mln |
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Eligibility Ratio |
Each listed shareholder can subscribe to three rights for each owned share |
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Record Date |
April 11, 2023, including shareholders who are registered with Edaa by the close of trading on the second trading day after the EGM |
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Rights Issue Proceeds |
Company's business expansion in the poultry sector |
SAR 177.3 mln |
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Payment of obligations and liabilities |
SAR 29 mln |
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Working capital |
SAR 15 mln |
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Offering costs |
SAR 3.7 mln |
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Total |
SAR 225 mln |
The meeting’s agenda includes voting on amending the articles related to the capital increase, and amending the company’s bylaws in accordance with the new Companies Law.
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