Saudi Arabian Amiantit Co. (Amiantit) said subscription to new shares and rights trading will start on Dec. 7, 2020, according to a bourse filing.

 

Rights trading will end on Dec. 14, and subscription to the new shares will close on Dec. 17.

 

Rights holders are entitled to subscribe to the new shares partially or fully on a pro rata basis.

 

Unsubscribed shares, and share fractions, will be offered to institutional investors.

 

In case of under-subscription, lead manager and underwriter Wasatah Capital will subscribe to these rights.

 

Amiantit’s shareholders approved to increase capital through a SAR 120 million rights issue, Argaam reported.

 

Key Figures of the Capital Hike

Current Capital

SAR 200 mln

Number of shares

20 mln shares

Hike (%)

60%

New capital

SAR 320 mln

Number of shares after increase

32 mln shares

Key Figures of the Rights Issue

Number of rights issue shares

12 mln shares

Issue price

SAR 10

Issue size

SAR 120 mln

Record date

End of second trading day after the extraordinary general meeting date

Use of proceeds

Net proceeds will go for financing the working capital as well as repaying the dues of suppliers and banks.

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