Nama Chemicals Co.’s board of directors on July 28 amended its previous recommendation to raise capital by SAR 200 million instead of SAR 400 million through a rights issue, the company said in statement to Tadawul on Sunday.
The decision came in line with the current requirements of Nama’s projects. The capital hike is pending approval from regulators and shareholders.
The offering price and number of shares will be determined at the next general assembly meeting, which is yet to be scheduled, the statement said.
Nama added that the planned capital increase is aimed to finance the production of new specialist chemicals.
Shareholders registered at the Securities Depository Center Co. (Edaa) by the end of the second trading day following the general assembly meeting will be eligible to subscribe to the rights issue.
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