Amiantit starts rights trading, subscription to new shares today

Logo of Saudi Arabian Amiantit Co.

Saudi Arabian Amiantit Co. starts today, Feb. 27, subscription to new shares and rights trading to increase its capital by SAR 346.5 million to SAR 445.5 million from SAR 99 million.

 

The rights trading will end on March 5, while the subscription process will close on March 10.

 

For More IPOs

 

The company plans to offer 34.65 million shares at SAR 10 each to increase capital by 350%. Each right holder will subscribe to 3.5 rights for each share.

 

Details of Capital Increase

Current capital

SAR 99.00 mln

Current number of shares

9.90 mln

Capital after increase

SAR 445.5 mln

Number of shares

44.55 mln

Percentage of increase

350% 
 

Rights Issue Details

Offered shares

34.65 mln

Offer Price

SAR 10/share

Issue Size

SAR 346.5 mln

Rights Subscription Period

Feb. 27-March 10

Rights Trading Period

Feb. 27-March 5

Reason

To finance the working capital and repay some banking obligations

Record Date

Feb. 20, 2024

Eligibility Ratio

3.5 rights for every share owned

Rights Issue Proceeds (SAR mln)

Financing working capital

165

Repaying bank loans

156.5

Offering costs

25

Total

346.5
 

Additional Information

Financial advisor, and underwriter

Wasatah Capital

Lead manager 

Al Nefaie Investment
 

Right holders may subscribe, in whole or in part, to the new shares in proportion to the rights existing in their portfolios. For registered shareholders and new investors, rights trading and new share subscriptions will be as per the prospectus.

 

Any rump shares and fractional shares will be offered to institutional investors, according to the prospectus. Wasatah Capital will buy unsubscribed shares after the rump offering.

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