Al-Baha rights trading, subscription to new shares to begin on Feb. 28

Logo of Al-Baha Investment and Development Co.

Al-Baha Investment and Development Co. said in a bourse statement that the rights trading and subscription to new shares will begin on Feb. 28.

The rights trading period will end on March 7, while the subscription to new shares will close on March 10.

Rights issue holders are allowed to exercise their right to subscribe to new shares (in full or in part) up to the number of rights available in their portfolios. Rights trading and subscription to the new shares for registered shareholders and new investors will be as per the prospectus.

In case shares remain unsubscribed, the rump and fractional shares (if any) will be offered to institutional investors according to what is mentioned in the prospectus. The underwriter AlJazira Capital will underwrite the rights issue of Al-Baha if the subscription is not fully covered.

The investors who are not willing to subscribe should sell the rights they hold during the specified trading period to avoid any decline in the value of their investment portfolios as they fail to benefit from their rights, whether by sale or subscription.

In January, Al-Baha announced the prospectus for its capital increase through offering rights issue shares worth SAR 120 million, Argaam reported.

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