Wafrah recommends capital hike through SAR 154.3 mln rights issue

Logo of Wafrah for Industry and Development Co.

Wafrah for Industry and Development Co.’s board of directors recommended increasing the company’s capital through rights issue of SAR 154.3 million, according to a bourse statement.

The company aims to use the funds to expand its activities, the automation of production line and optimize the reach of its brand to cover all regions of the Kingdom. This is expected to have a positive impact on the company’s profit and its goals.

The capital hike is pending approvals from the company’s general assembly and related regulatory bodies.

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.

The company added that appointing a financial advisor for the rights issue and the date of submitting the capital increase application file to the Capital Market Authority (CMA) will be announced later. Any related developments will be announced in due course.

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