Savola sets period for rights issue, new shares subscription

Logo of Savola Group

Savola Group determined the period of its rights issue trading and subscription to the new shares, according to a statement to Tadawul today, Aug. 27.

Both will start on Aug. 29. However, rights issue trading will end on Sept. 5, while the period for subscription to new shares will expire on Sept. 10, the statement indicated.

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Right-holders may exercise their subscription right, in whole or in part, to the new shares in proportion to the rights existing in their portfolios. For registered shareholders and new investors, rights trading and new shares subscription will be as per the prospectus.

Any unsubscribed shares and fractional shares will be offered to institutional investors, in accordance with the details set in the prospectus. The underwriters will underwrite the new shares that remain unsubscribed after the rump offering.

Savola shareholders gave the go ahead for increasing capital by SAR 6 billion via a rights issue, during an extraordinary general meeting (EGM) held on Aug. 25, according to data available to Argaam.