GACO board recommends SAR 300M capital increase via rights issue

Logo of Al Gassim Investment Holding Co. (GACO)

Al Gassim Investment Holding Co.’s (GACO) board of directors recommended increasing the company’s capital through the issuance of a SAR 300 million rights issue.

In a statement to Tadawul, the company explained that the increase will be channeled to implement strategic plans and support future activities.

The record date of the rights issue will be the date of the extraordinary general meeting (EGM) that approved the capital hike, and for shareholders registered with the Securities Depository Center Company (Edaa) by the end of the second trading day following the record date, the statement added.

GACO will announce the appointment of an independent financial advisor (IFA) for the rights issue offering later. In addition to the submission of the capital increase application to the Capital Market Authority (CMA), after obtaining the approvals of the competent regulatory authorities and EGM.