Al Sorayai Trading and Industrial Group said subscription to new shares and the rights trading will start on Jan. 27, the company said in a bourse statement.

 

Rights trading will end on Feb. 3, and subscription to the new shares will close on Feb. 6, the statement added.

 

Rights holders are entitled to subscribe to the new shares partially or fully pro rata. The remaining shares will be reoffered to institutional investors.

 

In case of under subscription, the underwriters, Aljazira Capital and Wasatah Capital will subscribe to these rights.

 

On Dec. 25, Al-Sorayai received an approval from the Capital Market Authority (CMA) to increase its capital by SAR 112.660 million.

 

Key Figures of the Capital Hike

Current Capital

SAR 65.5 mln

Number of shares

6.55 mln

Hike %

172%

New Capital

SAR 178.16

New number of shares

17.82 mln

Key Figures of the Rights Issue

Number of rights issue shares

SAR 65.5 mln

Offering price

SAR 10

Offering size

SAR 112.66 mln

Record date

Jan.22

Eligibility

1.72 right for evey 1 share held

Beginning of rights issue trading period and new shares subscription

January 27, 2020

End of rights issue trading period

February 3, 2020

End of new shares subscription period

February 6, 2020

Use of rights issue proceeds

Supporting the strategic trend and raise the solvency margin of the group by restructuring and implementing an action plan that focuses on its main activities

Additional Information

Financial Advisor and lead manager

Aljazira Capital

Underwriter

Aljazira Capital- Wasatah Capital

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