Raydan to compensate rights issue owners for unsubscribed shares

09/09/2021 Argaam

Raydan Food Co. announced, in a bourse filing, a total of SAR 5.26 million will be distributed as compensation to rights issue owners who did not exercise their rights to subscribe to the new shares.

 

The amount will be deposited in the bank accounts of eligible investors starting today, Sept. 9.

 

According to data compiled by Argaam, the company offered, in July, 11.25 million shares at SAR 10 per share, with a total value of SAR 112.5 million, to increase its capital from SAR 225 million to SAR 337.5 million.

 

The coverage ratio for the shares was 97.26% through subscribing to 10.94 million shares out of 11.25 million shares, while the coverage ratio for the remaining offering amounted to 1,822.3%.

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