Takween Advanced Industries Co. has issued the prospectus for its upcoming SAR 600 million capital increase through a rights issue.
Shareholders registered by the end of the extraordinary general assembly meeting on September 21 will be eligible to participate in the offering.
The number of shares that will be offered for subscription and the offer price will be set by the company following the meeting.
In July, the Saudi market regulator, the Capital Market Authority (CMA), approved a request from Takween to increase its capital by SAR 600 million through a rights issue.
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Capital Hike Details |
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Current Capital |
SAR 350 mln |
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Current number of shares |
35 mln |
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Capital hike percent |
-- |
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Capital after increase |
-- |
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Rights Issue Details |
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Number of right shares |
To be determined |
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Offer price per share |
To be determined |
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Size of issue |
SAR 600 mln |
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Record date |
GA meeting day (Sept. 21, 2016) |
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Use of proceeds |
SAR 17 million to cover offering costs SAR 583 million will be used to restructure the company’s capital and reduce total value of debt |
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Additional Details |
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Financial advisor, lead manager and underwriter |
HSBC Saudi Arabia |
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Co-underwriter |
ANB Invest |
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Receiving banks |
Samba, ANB, Al Rajhi, NCB and Riyad Bank |
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