Saudi Cable Co. (SCC) launched today its rights issue to increase capital from SAR 110.61 million to SAR 360.61 million.

 

The rights will be tradable until Jan. 13, and the subscription period will run throughout Jan. 16.

 

The cable manufacturer offers 25 million shares at SAR 10 each. Each shareholder owning one share is eligible to subscribe to 2.26 rights.

 

Rights holders may subscribe, wholly or partially, for the new shares up to the number of rights deposited in their accounts.

 

SCC’ shareholders approved on Dec. 31 a capital hike from SAR 110.6 million to SAR 360.6 million through a SAR 250 million rights issue, Argaam previously reported.

 

The capital hike aims to restructure the company’s capital and finance working capital to help the cable manufacturer boost production capacity and support future activities.

 

Capital Hike Details

Current Capital

SAR 110.61 mln

Current number of shares

11.06 mln

Capital hike percentage

226%

Post-increase capital

SAR 360.61 million

Post-increase number of shares

36.06 mln

 

Rights Issue Details

Number of right shares

25 million shares

Offering price per share

SAR 10

Size of issue

SAR 250 mln

Use of proceeds

Proceeds net of offering fees and costs will go towards restructuring the company’s capital and pumping new cash to provide working capital to increase operating capacity and support future activities.

 

Additional Details

Financial advisor, lead manager and underwriter

Falcom Financial Services

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