Naseej to launch rights trading, subscription to new shares on Nov. 9

Logo of Naseej

Naseej International Trading Co. said that the rights issue trading period and subscription to new shares will begin on Nov. 9.

The rights trading will end on Nov. 16, while the subscription process will close on Nov. 21.

The company intends to offer 30 million shares at SAR 10 per share, granting each registered shareholder at the record date nearly 1.5 rights 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, the remaining shares and fractional shares, if any, will be offered to institutional investors, according to the prospectus.

The financial advisor and the underwriter, Falcom Financial Services, and the underwriter Wasatah Capital will underwrite the rights issue if the entire subscription is not fully covered.

Investors that are 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.

Last week, Naseej shareholders approved the board’s recommendation to increase capital to SAR 211.6 million from SAR 61.6 million, via a SAR 150 million rights issue, during the extraordinary general meeting (EGM) held on Nov. 4, Argaam reported.

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