Alkhaleej Training rights issue 89.25% subscribed

Logo of Alkhaleej Training and Education Co.

Alkhaleej Training and Education Co.’s rights issue was 89.25% covered, as subscribers injected SAR 178.5 million in 17.85 million new shares, the company said in a bourse filing today. 

The rump shares will be offered to a number of institutional investors, provided that those institutions bid for these shares. 

Rump shares will be allocated first to the institutional investors with the highest bids. The shares will be allocated proportionately to the institutional investors submitting the same offer. Fractional shares (if any) will be added to the rump shares and treated similarly. 

The rump offer for 2.15 million shares will start from 10am on Nov. 23, until 5pm on Nov. 24. 

The rights subscription period ended on Thursday, Nov. 18., according to data compiled by Argaam. 

The subscription period started on Nov. 8, to increase the company’s capital from SAR 450 million to SAR 650 million, through a rights issue of 20 million shares at SAR 10 per share.