Logo of Ash-Sharqiyah Development Co.
Ash-Sharqiyah Development Co.’s subscription to new shares and rights trading begins today, May 11, to increase capital by 300% or SAR 225 million, to SAR 300 million from SAR 75 million.
Rights trading will end on May 18, while subscription to the new shares will close on May 23.
The company intends to offer 22.5 million shares at SAR 10 each, granting each registered shareholder nearly three rights for every share held on the record date.
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Capital Increase Details |
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Current capital |
SAR 75 mln |
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Number of shares |
7.5 mln |
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Capital increase (%) |
300% |
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Capital after increase |
SAR 300 mln |
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Number of shares after increase |
30 mln |
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Rights Issue Details |
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Offered Shares |
22.5 mln |
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Offer Price |
SAR 10 |
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Issue Size |
SAR 225 mln |
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Subscription Period |
May 11-23, 2023 |
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Rights Trading Period |
May 11-18, 2023 |
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Eligibility |
Each listed shareholder shall have the right to subscribe to three shares per each owned share |
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Record Date |
Shareholders of record on May 7, 2023, and those registered with the Securities Depository Center Company by the end of the second trading day after record date |
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Rights Issue Proceeds |
Expansion of poultry business |
SAR 177.3 mln |
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Payment of liabilities |
SAR 29 mln |
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Working capital |
SAR 15 mln |
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Offering fees and costs |
SAR 3.7 mln |
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Total |
SAR 225.0 mln |
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Rights issue holders are allowed to exercise their right to subscribe to new shares (in full or in part) up to the number of shares available in their portfolios. Trading in rights issue and subscription to new shares for registered shareholders and new investors will be as per the prospectus.
Unsubscribed shares, remaining and fractional shares, if any, will be offered to institutional investors, according to the prospectus. The underwriter will underwrite the rights of Ash-Sharqiyah if the subscription process is not fully covered.
Investors not willing to subscribe must sell the rights issue during the specified trading period to avoid the resulting decline in the value of their investment portfolios as a result of not benefiting from their rights, whether by way of sale or subscription, the company said.
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