A branch of Raydan Food
Shareholders of Raydan Food Co. approved a capital increase through a SAR 112.5 million rights issue, during the extraordinary general assembly meeting (EGM) held on July 13, the company said in a statement on Tadawul.
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Capital Hike Details |
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Capital |
SAR 225 mln |
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Number of shares |
22.50 mln |
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Capital hike percentage |
50% |
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Capital after increase |
SAR 337.5 mln |
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Number of shares after increase |
33.75 mln |
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Rights Issue Details |
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Number of shares offered |
11.25 mln |
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Offering price per share |
SAR 10 |
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Issue size |
SAR 112.5 mln |
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Rights coefficient |
Each listed shareholder will be granted one rights share for every two shares owned |
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Record date |
Shareholders who own the shares by the end of trading on the date of the EGM, and of record by the close of trading on the second day following the EGM date. |
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Rights issue proceeds |
Completion of Al-Zaydi project |
SAR 4 mln |
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Completion of Al Madinah project |
SAR 4.5 mln |
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Construction of the new university branch |
SAR 4 mln |
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Application of the new identity |
SAR 15 mln |
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Establishment of new branches |
SAR 10 mln |
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Factory and service centers |
SAR 20 mln |
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Repayment of loans |
SAR 10 mln |
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Investment amounts |
SAR 9.35 mln |
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Working capital |
SAR 30.72 mln |
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Offering costs |
SAR 4.93 mln |
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In a separate statement, the Saudi Exchange (Tadawul) announced Raydan Food’s daily trading fluctuation limit will be based on a share price of SAR 27.85.
All outstanding orders will be cancelled. Raydan Food’s rights will be deposited into applicable investor’s portfolios on July 25.
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