Savola shareholders approve SAR 6B rights issue

Savola Group headquarters

Savola Group’s shareholders approved increasing capital via a SAR 6 billion rights issue, during the extraordinary general meeting (EGM) on Aug. 25, according to a statement to Tadawul.

 

Capital Increase Details

Current Capital

SAR 5.33 bln

Current Number of Shares

533.98 mln

New Capital

SAR 11.33 bln

New Number of Shares

1.13 bln

Capital Hike (%)

112.36% (or 1.1236 rights share for every 1 share held )

Offer Price

SAR 10

Reason for Increase

To strengthen the company’s financial position and support its future investment portfolio by paying off debts and enable it to distribute its shares in Almarai Co. to Savola’s eligible shareholders through a capital reduction following the rights issue

Method

SAR 6 bln rights issue

Record Date

Aug. 25 and shareholders registered with Securities Depository Center (Edaa) at the end of the second trading day following the EGM date
 
 

The Saudi Exchange (Tadawul) announced that fluctuation limits today, Aug. 26, will be based on a share price of SAR 26.95 and the outstanding orders will be canceled.

 

Edaa will deposit the shares into investor portfolios by Aug. 28.

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