Logo of Naseej International Trading Co.
Naseej International Trading Co.’s rights subscription period ends today, Nov. 21.
The subscription period started on Nov. 9, to increase the company’s capital from SAR 61.6 million to SAR 211.6 million, through a rights issue of 15 million shares at SAR 10 per share.
The rights trading period, which also started on Nov. 9, ended on Nov. 16.
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Details of Capital Increase |
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Current capital |
SAR 61.63 mln |
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Number of shares |
6.16 mln |
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Capital increase (%) |
243.38% |
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Capital after increase |
SAR 211.63 mln |
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Number of shares after increase |
21.16 mln |
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Rights Issue Details |
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Number of shares offered |
15 mln |
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Offering price |
SAR 10 per share |
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Issue size |
SAR 150 mln |
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Rights trading period |
Nov. 9-16 |
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Subscription period |
Nov. 9-21 |
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Reason for capital hike |
To boost the company’s solvency, financial performance, and strategic expansions; optimize borrowing rates and the related costs. |
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Record date |
Nov. 4 (Shareholders of record registered with Edaa by the end of the second trading day following the extraordinary general meeting date) |
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Rights issue proceeds |
Settlement of term loans with commercial banks |
SAR 86.7 mln |
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Working capital (raw materials for yarn products, rugs, carpets, and purchase of finished products for commercial purposes) |
SAR 45.8 mln |
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Expanding yarn extrusion lines |
SAR 8 mln |
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Upgrading the rug and carpet rolls collection plant |
SAR 2 mln |
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Issue costs |
SAR 7.5 mln |
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