Nama gets CMA nod on capital hike through rights issue

The Saudi Capital Market Authority (CMA) has approved Nama Chemicals Co.’s request to increase capital by SAR 200 million through a rights issue.

The increase will be limited to the shareholders who are registered at the Security Depository Center as of the closing of the second trading day after the extraordinary general assembly meeting, the regulator said in a statement.

The offering price and the number of shares offered for subscription will be determined by the insurer after market closing on the same day the extraordinary general assembly meeting is to be held.

The rights issue prospectus will be posted and made available to the public at a later time, the statement added.

In July 2018, the company’s board of directors amended its previous recommendation to raise capital by SAR 200 million instead of SAR 400 million through a rights issue, according to data available on Argaam.