Alkhaleej Training says rights trading, subscription to start on Nov. 8

Logo of Alkhaleej Training and Education Co.

Alkhaleej Training and Education Co. set the rights issue trading period and the treasury shares purchase period.

The rights issue and new shares subscription period will begin on Nov. 8, the company said in a statement to Tadawul.

The rights trading will end on Nov. 15, while the subscription to the new shares will close on Nov. 18.

The holders of rights issue are allowed to exercise their right to buy treasury shares up to the number of rights available in their portfolios. The rights trading and purchase of the treasury shares for registered shareholders and new investors shall be according to the sale of treasury shares circular.

With regard to the details of the remaining offering, in the event that shares remain unsubscribed, those remaining fractional shares (if any) will be offered to institutional investors according to what is mentioned in the prospectus, as will the underwriter ANB Invest Co. will undertake to underwrite the rights issue in the event that the entire subscription is not fully covered.

Investors not willing to subscribe will be drawn to the importance of selling the right issues they hold 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.

The company’s shareholders approved the board’s recommendation to increase capital from SAR 450 million to SAR 650 million via a SAR 200 million rights issue during the extraordinary general meeting (EGM) held on Nov. 3.

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