A branch of Raydan Food Co.

Raydan Food Co.'s subscription to new shares and rights trading begins today, Aug. 9, to increase capital from SAR 225 million to SAR 337.5 million.

 

Rights trading will end on Aug. 16, while subscription to the new shares will close on Aug. 19.

 

The company intends to offer 11.25 million shares at SAR 10 per share, granting each registered shareholder at the record date nearly one right for each two shares held.

          

Capital Hike Details

Capital

SAR 225 mln

Number of shares

22.50 mln

Capital hike percentage

50%

Capital after increase

SAR 337.5 mln

Number of shares after increase

33.75 mln

 

Rights Issue Details

Number of shares offered

11.25 mln

Offering price per share

SAR 10

Issue size

SAR 112.5 mln

Rights trading period

Subscription period

         Aug. 9-16, 2021

Aug. 9-19, 2021

Record date

July 13, 2021 (Shareholders registered in the company’s shareholders registry upon deposit at the end of the second trading day following the general assembly meeting date.)

Rights issue proceeds

Completion of Al-Zaydi project

SAR 4 mln

Completion of Al Madinah project

SAR 4.5 mln

Construction of the new university branch

SAR 4 mln

Application of the new identity

SAR 15 mln

Establishment of new branches

SAR 10 mln

Factory and service centers

SAR 20 mln

Repayment of loans

SAR 10 mln

Investment amounts

SAR 9.35 mln

Working capital

SAR 30.72 mln

Offering costs

SAR 4.93 mln
 

Rights issue holders are allowed to exercise their right to subscribe to new shares (in full or in part) up to the number available in their portfolios. Trading in rights issue and subscription to new shares for registered shareholders and new investors will be as per the prospectus.

 

In the event that shares remain unsubscribed, the remaining shares and fractional shares, if any, will be offered to institutional investors, according to the prospectus. FALCOM Financial Services will underwrite the rights issue if the entire subscription is not fully covered.

 

Investors not willing to subscribe must sell the rights issue during the specified trading period to avoid the resulting decline in the value of their investment portfolios as a result of not benefiting from their rights, whether by way of sale or subscription.

 

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