Naseej shareholders to vote on capital hike to SAR 211.6 mln via rights issue on Oct. 12

19/09/2021 Argaam

Logo of Naseej International Trading Co.

Naseej International Trading Co.’s shareholders will vote on increasing capital by SAR 150 million to SAR 211.6 million from SAR 61.6 million during the extraordinary general meeting (EGM) scheduled on Oct. 12.

 

Capital Increase Details

Current Capital

SAR 61.63 mln

Number of shares

6.16 mln shares

Capital hike%

243.38 %

Capital after increase

SAR 211.63 mln

Number of shares after increase

21.16 mln shares

Method of Increase

Offering and listing 15 million rights shares

Reasons for the Capital Increase

To raise the company’s solvency, strategic expansion, improve its financial performance, borrowing rates and costs.

Record date

Oct. 12, 2021, to shareholders enrolled on Securities Depository Center (Edaa) by the end of the second trading day following the EGM date.
 

In September 2020, Naseej EGM approved reducing the company’s capital by 65.4% to SAR 61.63 million from SAR 178.16 million through writing off 11.65 million shares, Argaam reported.

 

The company’s board of directors had also recommended a capital hike through SAR 150 million rights issue to be implemented following the capital cut.

 

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