AI Summary
SIDC, through the SAR 165 mln rights issue, plans to increase capital from SAR 135 mln to SAR 300 mln
Saudi Industrial Development Co. (SIDC) announced the prospectus for its capital increase through a SAR 165 million rights offering.
The company plans to offer about 16.5 million shares at SAR 10 each, to increase capital by 122.22% from SAR 135 million to SAR 300 million.
The planned capital hike is set to enable the company to implement its operational plans, support its working capital, and strengthen its financial position.
The Capital Market Authority (CMA) approved in August SIDC’s capital top-up request through a SAR 165 million rights issue, as per Argaam's data.
The company's shareholders will vote on the proposed 122.22% capital hike during an extraordinary general meeting (EGM) to be held on Nov. 6.
|
Capital Increase Details |
|
|
Current Capital |
SAR 135 mln |
|
Number of Shares |
13.5 mln |
|
New Capital |
SAR 300 mln |
|
New Number of Shares |
30 mln |
|
Percentage of Increase |
122.22% |
|
Par Value |
SAR 10 |
|
Rights Issue Details |
||
|
Offered Shares |
16.5 mln |
|
|
Offering Price |
SAR 10 |
|
|
Issue Size |
SAR 165 mln |
|
|
Eligibility Ratio |
Each eligible shareholder will have the right to subscribe to 1.222 shares per each owned share |
|
|
Issue Proceeds |
Financing working capital |
73.00 |
|
Launching the new identity stores “Sleep High” |
40.00 |
|
|
Repaying some credit facilities |
22.00 |
|
|
Automating production lines |
20.00 |
|
|
Implementing the enterprise resource planning (ERP) system |
4.00 |
|
|
Offering expenses |
6.00 |
|
|
Total |
165.00 |
|
|
Additional Information |
|
|
Financial Advisor, Lead Manager & Underwriter |
Alinma Capital |
Be the first to comment
Comments Analysis: