Shams Co. Proposes Capital Raise through Issuing Rights Issue Shares

The board of Tourism Enterprises Co. (Shams) announced its recommendation of capital raise through issuing rights issue shares at a total value of SAR 390,000,000. The capital boost will be limited for shareholders who are registered in the shareholders registry at the closing of trading on the day of the extraordinary general assembly, the company said in a filing to Tadawul.

The price and number of offered shares will be determined at the extraordinary general assembly day, which will be determined later by the company's board. It added that the capital hike is aimed at boosting the company's business in the tourism sector.