Saudi Arabian Amiantit Co. issued prospectus for its SAR 120 million rights issue, the company said in a bourse filing on Sunday.
Amiantit set the offering price at SAR 10 a share, to increase capital from SAR 200 million to SAR 320 million, through floating 120 million shares.
The rights issue proceeds net of offering fees and costs will be used to finance working capital needs, and repay the dues of suppliers and banks.
On Oct. 1, the Capital Market Authority (CMA) approved Amiantit’s request to reduce its capital to SAR 200 million from SAR 344.52 million, Argaam reported.
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Key Figures of the Capital Hike |
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Current Capital |
SAR 200 mln |
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Number of shares |
20 mln shares |
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Hike (%) |
60% |
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New capital |
SAR 320 mln |
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Number of shares after increase |
32 mln shares |
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Key Figures of the Rights Issue |
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Number of rights issue shares |
12 mln shares |
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Issue price |
SAR 10 |
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Issue size |
SAR 120 mln |
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Record date |
End of second trading day after the extraordinary general meeting date. |
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Use of proceeds |
Net proceeds will go for financing the working capital as well as repaying the dues of suppliers and banks. |
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Additional Information |
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Financial advisor |
Wasatah Capital |
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Lead manager |
Aljazira Capital |
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