Saudi Arabian Amiantit Co. headquarters
Shareholders of Saudi Arabian Amiantit Co. gave the green light to increase capital by 350% through a SAR 346.5 million rights offering, during the extraordinary general meeting (EGM) held on Feb. 20, the company said in a statement to Tadawul.
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Capital Increase Details |
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Current Capital |
SAR 99 mln |
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Number of Shares |
9.90 mln |
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New Capital |
SAR 445.5 mln |
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New Number of Shares |
44.55 mln |
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Capital Hike % |
350% |
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Method |
A SAR 346.5 mln rights issue |
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Reason |
Financing working capital and settling some bank liabilities |
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Rights Issue Details |
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Number of Offered Shares |
34.65 mln |
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Offering Price |
SAR 10 |
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Issue Size |
SAR 346.5 mln |
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Eligibility Ratio |
3.5 rights for every share held |
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Offering Proceeds |
Financing working capital |
SAR 165 mln |
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Settlement of some bank obligations |
SAR 156.5 mln |
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Offering costs |
SAR 25 mln |
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Total |
SAR 346.5 mln |
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In a separate statement, Saudi Exchange (Tadawul) announced that the stock fluctuation limits will be based on a share price of SAR 24.22 today, Feb. 21. The outstanding orders will be canceled.
Amiantit rights will be deposited into investor portfolios on Feb. 26.
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