Ash-Sharqiyah Development shareholders to vote on capital hike via rights issue on April 11

Logo of Ash-Sharqiyah Development Co.

Ash-Sharqiyah Development Co.’s shareholders will vote on increasing capital through a SAR 225 million rights offering, during the extraordinary general meeting (EGM) scheduled for April 11, the company said in a statement to Tadawul.

Capital Hike Details
Current Capital	SAR 75 mln
Current Number of Shares	7.5 mln
Percentage of Increase	300%
New Capital	SAR 300 mln
New Number of Shares	30 mln

Rights Issue Details
Offer Shares	22.5 mln
Offer Price	SAR 10/share
Issue Size	SAR 225 mln
Eligibility Ratio	Each listed shareholder can subscribe to three rights for each owned share
Record Date	April 11, 2023, including shareholders who are registered with Edaa by the close of trading on the second trading day after the EGM
Rights Issue Proceeds	Company's business expansion in the poultry sector	SAR 177.3 mln
	Payment of obligations and liabilities	SAR 29 mln
	Working capital	SAR 15 mln
	Offering costs	SAR 3.7 mln
	Total	SAR 225 mln

The meeting’s agenda includes voting on amending the articles related to the capital increase, and amending the company’s bylaws in accordance with the new Companies Law.

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