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 |
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Additional Information |
|
|
Financial Advisor and lead manager |
Aljazira Capital |
|
Underwriter |
Aljazira Capital- Wasatah Capital |
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