Shams rights issue 85.96% covered

Logo of Tourism Enterprise Co.

Tourism Enterprise Co. (Shams) announced today, Dec. 8, the results of right issue trading and new shares subscription, as well as the details of rump shares sale.

 

Subscription Details

Number of offered shares

52.57 mln

Number of subscribed shares

45.18 mln

Value of subscribed shares

SAR 451.85 mln

Coverage ratio (%)

85.96%

Number of rump shares

7.38 mln

Date of reoffering of rump shares

Dec. 11-12, 2022
 

Rump shares will be offered to a number of institutional investors, provided those institutions submit purchase offers for the rump shares, Shams said in a statement to Tadawul.

 

Rump shares will be allocated to institutional investors with the highest bid, then the lowest and the lowest. The shares will be allocated proportionately to the institutional investors submitting the same offer.

 

The remaining shares will be allocated to the underwriter who will buy them at the offering price, the statement noted.

 

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