BATIC recommends capital hike via SAR 300 mln rights issue

Logo of BATIC Investment & Logistics Co.

BATIC Investment and Logistics Co.’s board of directors, in a meeting on April 14, 2021, recommended increasing the company’s capital through rights issue of SAR 300 million, according to a bourse statement.

The company aims to use the funds to finance and implement future plans and projects, expand its various activities and align its investment and growth plans with the renaissance and economic changes that the Kingdom is witnessing in line with Vision 2030. In addition, the proceeds will be used to acquire profitable assets and purchase or invest in companies and income-generating assets.

Shareholders of record on the date of the extraordinary general assembly meeting (EGM), during which the decision to increase capital is approved, are eligible, in addition to those registered at the Securities Depository Center Co. (Edaa) at the end of the second trading day following the meeting.

AlJazira Capital has been appointed as the financial advisor for the offering.

The date for the submission of the capital increase application file to the Capital Market Authority (CMA) will be announced later. Any related developments will be announced in due course.