Al Sorayai Trading and Industrial Group started on Monday the subscription to new shares and rights trading to raise its capital to SAR 178.16 million from SAR 65.5 million.
Rights trading will close on Feb. 3, while the subscription process will end on Feb. 6.
Al Sorayai offered 11.27 million shares at SAR 10 each. Every registered shareholder is eligible for 1.72 rights for every 1 share held.
Rights holders are entitled to subscribe to the new shares partially or fully pro rata. The remaining shares will be reoffered to institutional investors.
In case of under subscription, the underwriters, Aljazira Capital and Wasatah Capital will subscribe to these rights.
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Key Figures of the Capital Hike |
|
|
Current Capital |
SAR 65.5 mln |
|
Number of shares |
6.55 mln |
|
Hike % |
172% |
|
New Capital |
SAR 178.16 |
|
New number of shares |
17.82 mln |
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Key Figures of the Rights Issue |
|
|
Number of right shares |
11.27 mln |
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Offering price |
SAR 10 |
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Offering size |
SAR 112.66 mln |
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Record date |
Jan. 22 |
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Eligibility |
1.72 rights for every 1 share held |
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Beginning of rights trading period and new shares subscription |
January 27, 2020 |
|
End of rights trading period |
February 3, 2020 |
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End of new shares subscription period |
February 6, 2020 |
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Use of rights issue proceeds |
Supporting the group’s strategic plan and raising its solvency margin by restructuring and implementing an action plan that focuses on its core activities |
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Additional Information |
|
|
Financial Advisor and lead manager |
Aljazira Capital |
|
Underwriters |
Aljazira Capital- Wasatah Capital |
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