Shams submits for capital hike via rights issue to CMA

24/03/2022 Argaam

Logo of Tourism Enterprise Co.

Tourism Enterprise Co. (Shams) filed today, March 24, a request with the Capital Market Authority (CMA) to increase its capital through a rights issue worth SAR 525.24 million, according to a bourse filing.

 

Any new developments in this regard will be announced in due course.

 

The company's board of directors amended its recommendation in February for a capital raise from SAR 315.40 million to SAR 525.24 million via rights issue, Argaam reported.

 

Shams aims to support working capital, enhance financial solvency, rehabilitate the current resort in the Eastern Province and invest in the tourism sector to support Vision 2030, which aims to boost and develop hospitality facilities and other tourism services in line with the General Entertainment Authority’s future plans.

 

In December 2021, the company's shareholders approved the board's recommendation on reducing capital by 48.21% to SAR 52.57 million, from SAR 101.5 million, according to Argaam’s data. 

 

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