Al Sorayai Trading & Industrial Group Co.’s board of directors has recommended a 100 percent capital hike to SAR 450 million from SAR 225 million through a rights issue, the company said in a bourse statement.
The capital hike aims to restructure the group, diversify investments and lift its solvency margin.
The process is pending approval from the general assembly and regulator.
The rights issue size and price per share will be determined after obtaining necessary approvals.
|
Key Figures of the Capital Hike |
|
|
Current Capital |
SAR 225 mln |
|
Number of shares |
22.5 mln shares |
|
Hike (%) |
100% |
|
New Capital |
SAR 450 mln |
|
Method |
Rights issue |
|
Driver |
Restructuring the group, diversify investments and lift its solvency margin |
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