Alkhaleej Training rights trading, new shares subscription begins today

Logo of Alkhaleej Training and Education

Alkhaleej Training and Education Co.’s subscription to new shares and rights trading begins today, Nov. 8, to increase capital from SAR 450 million to SAR 650 million.

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

The company intends to offer 20 million shares at SAR 10 per share, granting each registered shareholder at the record date nearly 0.44 right for each share held.

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, remaining and fractional shares, if any, will be offered to institutional investors, according to the prospectus.

ANB Invest 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, the company said.

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