Logo of Wafrah for Industry and Development Co.

Wafrah for Industry and Development Co.’s shareholders approved a capital increase via SAR 154.3 million rights issue, during the extraordinary general meeting (EGM) held on June 14, according to a bourse filing.  

  

Capital Increase Details 

Current Capital  

SAR 77.17 mln 

Number of Shares 

7.72 mln  

Percentage of Increase 

200% 

New Capital 

SAR 231.51 mln 

Number of Shares 

23.15 mln  
 

Rights Issue Details 

Number of Shares Offered 

15.43 mln  

Offering Price 

SAR 10/share 

Size of Issue 

SAR 154.3 mln 

Eligibility coefficient  

Two rights for every share held 

Record Date 

June 14, 2022 (Including shareholders registered with Edaa by the end of second trading day after the record date)
 

Separately, the Saudi Exchange (Tadawul) announced that the fluctuation limits for Wafrah, will be based on a share price of SAR 44.65, and the outstanding orders will be canceled. Additionally, the Securities Depository Center (Edaa) will deposit the rights into investor portfolios by June 19.

 

The capital increase aims to finance business expansions, the automation of the production lines, together with making the best out of the company’s presence across the Kingdom, which will likely boost profitability, Argaam reported.

 

In April, the Capital Market Authority (CMA) approved an application from Wafrah to raise its capital through SAR 154.34 million rights issue.

 

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CMA approves Wafrah’s SAR 154.3 mln rights issue

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