Industrialization and Energy Services may increase capital through SAR 3 billion rights issue

Industrialization and Energy Services (Taqa), a privately held company, called upon its shareholders to attend an extraordinary general assembly meeting in Riyadh on Nov 19 to discuss increasing the company’s capital to SAR 5 billion from SAR 2 billion through rights issue, the company said in an announcement published in a local newspaper.

Only the shareholders will be be allowed to take part in the rights issue with the shares nominal value put at SAR 10 a share.

Several listed Saudi companies own stakes in Taqa including: Tabuk Cement, Yamamah Cement, the National Industrialization Co, Eastern Province Cement and Riyad Bank, according to Argaam.

Southern Province Cement has recently sold its stake, 11.25 million shares, in Taqa for SAR 225 million.