Al Sorayai says rights trading, subscription to start on Jan. 27

Al Sorayai Trading and Industrial Group said subscription to new shares and the rights trading will start on Jan. 27, the company said in a bourse statement.

Rights trading will end on Feb. 3, and subscription to the new shares will close on Feb. 6, the statement added.

Rights holders are entitled to subscribe to the new shares partially or fully pro rata. The remaining shares will be reoffered to institutional investors.

In case of under subscription, the underwriters, Aljazira Capital and Wasatah Capital will subscribe to these rights.

On Dec. 25, Al-Sorayai received an approval from the Capital Market Authority (CMA) to increase its capital by SAR 112.660 million.

Key Figures of the Capital Hike
Current Capital	SAR 65.5 mln
Number of shares	6.55 mln
Hike %	172%
New Capital	SAR 178.16
New number of shares	17.82 mln
Key Figures of the Rights Issue
Number of rights issue shares	SAR 65.5 mln
Offering price	SAR 10
Offering size	SAR 112.66 mln
Record date	Jan.22
Eligibility	1.72 right for evey 1 share held
Beginning of rights issue trading period and new shares subscription	January 27, 2020
End of rights issue trading period	February 3, 2020
End of new shares subscription period	February 6, 2020
Use of rights issue proceeds	Supporting the strategic trend and raise the solvency margin of the group by restructuring and implementing an action plan that focuses on its main activities
Additional Information
Financial Advisor and lead manager	Aljazira Capital
Underwriter	Aljazira Capital- Wasatah Capital

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