Al Battal Factory shareholders OK IPO proceeds reallocation

Al Battal Factory’s to reallocate the IPO proceeds of SAR 14.59 million to support operational activities and finance working capital

Al Battal Factory for Chemical Industries Co.’s ordinary general assembly (OGM) approved the board of directors' recommendation to reallocate the proceeds from the offering, amounting to SAR 14.59 million, as stated in the prospectus published on Dec. 30, 2024, to be used entirely in supporting operational activities and financing working capital, according to a statement to Tadawul.

Al Battal Factory for Chemical Industries Co.’s shareholders approved a board recommendation to reallocate the proceeds from the offering, amounting to SAR 14.59 million, as stated in the prospectus published on Dec. 30, 2024.

The proceeds will be used to support operational activities and finance working capital, according to a statement to Tadawul.

In its prospectus, Al Battal Factory stated that the IPO proceeds use will be limited to financing working capital, and will not include financing any liabilities repayments, Argaam data showed.