Naseej EGM to vote on capital hike via SAR 163.5M rights issue on Jan. 7

Logo of Naseej International Trading Co.

Shareholders of Naseej International Trading Co. will vote on increasing the company’s capital through a SAR 163.5 million rights issue during an extraordinary general meeting (EGM) to be held on Jan. 7, 2024, the company said in a statement to Tadawul.

 

Capital Hike Highlights

Current Capital

SAR 108.97 mln

Current Number of Shares

10.90 mln

Capital Hike (%)

150%

Capital after Increase

SAR 272.43 mln

New Number of Shares

27.24 mln

Reason

Boost financial solvency and strategic expansion, while improving financial performance, borrowing rates, and costs incurred therefrom.

Record Date

Jan. 7, 2024 (Shareholders registered with Edaa at the end of the second trading day following the EGM date)
 

Rights Issue Details

Offered Shares

16.35 mln

Offer Price

SAR 10

Issue Size

SAR 163.46 mln

Eligibility

Each listed shareholder is allotted 1.5 rights per each share held

Rights Issue Proceeds (SAR mln)

Financing working capital

60.91

Paying off term loans with commercial banks

33.00

New production lines and capital projects

57.00

Offering costs

12.55

Total

163.46
 

The EGM was first scheduled for Dec. 10 to vote on the board’s recommendation for a capotal top-up through a rights offering. However, it was delayed due to the lack of quorum, according to Argaam's data.

 

Shareholders will also vote on amending Article (7) of the company's Articles of Association relating to the company's capital, as well as Article (8) relating to share subscription. This is besides deciding on amending Articles of Association to comply with the new Companies Law.

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Naseej’s shareholders to vote on capital hike via SAR 163.5 mln rights issue on Dec. 10

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