CMA approves Amiantit's capital hike request via SAR 346.5 mln rights issue

Logo of Saudi Arabian Amiantit Co.

The Capital Market Authority (CMA) gave the go-ahead for Saudi Arabian Amiantit Co.'s request to increase its capital through a rights issue worth SAR 346.5 million, according to the authority's website.

The rights issue will be limited to shareholders registered with the Security Depository Center (Edaa) at the end of the second trading day after the extraordinary general meeting (EGM), whose date will be determined by the board later.

The offering price and the number of shares to be offered will be set by the company after the close of trading on the EGM date.

The CMA's approval came after reviewing the company's application in light of the applicable regulatory requirements, as well as the quantitative and qualitative criteria applicable to all companies requesting a capital increase.

The rights issue prospectus will be posted and made available to the public later.

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