Al-Sorayai Trading and Industrial Group’ shareholders approved, during the extraordinary general assembly held on Jan. 22, a capital hike to SAR 178.160 million from SAR 65.500 million, through rights issue worth SAR 112.660 million, according to a bourse filing.
In a separate statement, the Saudi Stock Exchange (Tadawul) said that the fluctuation limits of Al-Sorayai today Jan. 23 will be based on a share price of SAR 18.90.
In addition, the Securities Depository Center (Edaa) will deposit the company’s rights into investor’s portfolios by Monday Jan. 27.
On Dec. 25, 2019, Al-Sorayai received an approval from the Capital Market Authority (CMA) to increase its capital by SAR 112.660 million.
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Key Figures of the Capital Hike |
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Current capital |
SAR 65.5 mln |
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Current number of shares |
6.55 mln |
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Capital hike percentage |
172% |
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New capital |
SAR 178.16 mln |
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New number of shares |
17.81 mln |
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Reason for capital hike |
To boost the group’ solvency through restructuring, and develop a business plan focusing on the group’s core activities. |
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Right shares |
11.27 mln |
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Record date |
The second trading day following the EGM |
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