Anaam withdraws rights issue, reviews funding options

04:04 PM (Mecca time) Argaam
Logo ofAnaam International Holding Group

Logo of Anaam International Holding Group

Anaam International Holding Group’s board decided to withdraw its request for a capital increase via a rights issue, which had been submitted to the Capital Market Authority (CMA).

 

In a statement on Tadawul, the company said the move reflects current market conditions, prompting it to halt the capital increase process and withdraw the filing.

 

The move will have no material financial impact.

 

The company will reassess available financing options to support operations in line with current requirements, the statement said. It will announce any further developments in due course.

 

According to data available with Argaam, Anaam’s board had recommended raising capital from SAR 315 million to SAR 420 million through a SAR 105 million rights issue.

 

The proceeds were earmarked for working capital, deleveraging, as well as supporting future operational development and expansion.

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