Logo of Al-Omran Industrial Trading Co.
Al-Omran Industrial Trading Co. announced today, Oct. 16, the prospectus for its capital increase through a SAR 60 million rights offering.
The company will offer six million shares, at SAR 10 each, to increase capital by 100% to SAR 120 million.
According to the prospectus, the company, through this capital hike, aims to support its future plans, reduce borrowing, as well as upgrade and renovate its plants.
The company's shareholders will vote on the board's recommendation to increase capital via a rights offering during an extraordinary general meeting, scheduled for Nov. 8.
The Capital Market Authority (CMA) approved, on Sept. 10, Al-Omran’s application to raise capital through a rights issue, Argaam earlier reported.
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Capital Increase Details |
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Current Capital |
SAR 60 mln |
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Noumber of shares |
6 mln |
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New Capital |
SAR 120 mln |
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New Number of Shares |
12 mln |
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Percentage Increase |
100% |
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Rights Issue Details |
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Offered Shares |
6 mln |
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Offer Price |
SAR 10 |
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Size of issue |
SAR 60 mln |
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Rights Coefficient |
Each registered shareholder will have nearly one right for each share owned. |
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Expected Usage of Rights Issue Proceeds |
Construction costs to build a new factory and transfer the existing machinery and equipment in the refrigeration, shelves and air conditioners plant |
28 |
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Costs of purchasing new machinery and equipment |
11 |
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Factory workers’ accommodation costs |
2 |
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Repayment of bank loans |
14 |
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Purchase of cars |
2 |
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Offering costs |
3 |
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Total |
60 |
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Additional Information |
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Financial Advisor, Lead Manager & Underwriter |
Alinma Investment |
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