Naseej rights subscription period ends today

Rights Issue Details   

Number of shares offered   

15 mln   

Offering price    

SAR 10 per share   

Issue size   

SAR 150 mln   

Rights trading period  

Nov. 9-16  

Subscription period  

Nov. 9-21  

Reason for capital hike  

To boost the company’s solvency, financial performance, and strategic expansions; optimize borrowing rates and the related costs.  

Record date   

Nov. 4 (Shareholders of record registered with Edaa by the end of the second trading day following the extraordinary general meeting date)  

Rights issue proceeds   

Settlement of term loans with commercial banks  

SAR 86.7 mln  

Working capital (raw materials for yarn products, rugs, carpets, and purchase of finished products for commercial purposes)  

SAR 45.8 mln  

Expanding yarn extrusion lines                                  

SAR 8 mln  

Upgrading the rug and carpet rolls collection plant  

SAR 2 mln  

Issue costs  

SAR 7.5 mln