Anaam recommends capital hike through SAR 75 mln rights issue

Anaam International Holding Group Co.’s board of directors recommended capital hike through SAR 75 million rights issue, the company said in a bourse statement.

The capital hike aims to finance future plans and projects and expand various activities.

The process is pending approvals from the general assembly and regulatory authorities.

Shareholders of record on the second day after the extraordinary general meeting will be entitled to subscribe to the offering.

Anaam appointed Al Dukheil Financial Group as financial advisor for the capital hike, the statement added.

Last month, the company announced that its accumulated losses as of November 10, 2019 stood at SAR 181 million, or 92.3% of capital, according to data compiled by Argaam.

Anaam International’s board of directors then recommended a 92.35% capital cut to SAR 15 million from SAR 196 million to offset accumulated losses.