Savola rights issue 94.2% subscribed

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Savola Group announced today, Sept. 11, results of the rights issue trading and new shares subscription, as well as details of the rump offering, as follows:

 

Rights Issue Details

Number of Offered Shares

600 mln

Number of Subscribed Shares

564.90 mln

Value of Subscribed Shares

SAR 5.64 bln

Coverage Ratio (%)

94.2%

Number of Rump Shares

35.10 mln

Date of Rump Offering

Sept. 15-16, 2024

 

For More IPOs

 

Rump shares will be offered at the minimum of the offering price to several institutional investors, who shall submit offers to purchase the rump shares, according to a Tadawul filing.

 

Moreover, these shares will be allocated to institutional investors of the highest to lowest bids (provided they are not less than the offer price). The shares will be allocated proportionately to institutional investors who make the same offer.

 

If institutional investors have not subscribed to all the rump shares, they will be allocated to the underwriters, Riyad Capital and ANB Capital, which will buy them at the offering price.

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