Naseej board updates capital increase proposal via SAR 163.5 mln rights issue

Logo of Naseej International Trading Co.

Naseej International Trading Co.’s board of directors updated today, March 28, a previous recommendation on increasing capital through SAR 163.46 million instead of SAR 108.97 million rights issue.

 

Capital Hike Highlights

Current Capital*

SAR 108.97 mln

Number of Shares*

10.90 mln

Capital Hike (%)

150%

Capital after Increase

SAR 272.43 mln

Number of Shares after Increase

27.24 mln

Reason

Reduce borrowing rates, finance working capital and support the company's transformation plan to operate through strategic units

Method

Issue 16.35 mln shares via 1.5-for-1 rights issue

Eligibility

On the date of the EGM deciding the capital increase, for shareholders registered with Edaa by the close of trading on the EGM date, to be set later
*Percentage of capital after reduction by 48.51%

 

The capital increase recommendation is subject to the approval of competent regulatory authorities and the company’s extraordinary general assembly.

 

Updates will be announced when the capital reduction and increase file is submitted to the Capital Market Authority (CMA) for approval, Naseej added.

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