Al-Baha recommends capital hike via SAR 120 mln rights issue

10/11/2020 Argaam

Al-Baha Investment and Development Co.’s board of directors recommended increasing capital via a SAR 120 million rights issue, the company said in a bourse statement.

 

The capital increase will finance the company’s future expansions and offset the accumulated losses.

 

Shareholders of record on the second day after the extraordinary general meeting (EGM) will be entitled to subscribe to the rights issue, the statement added.

 

The capital top-up is pending the approval of competent authorities and the general meeting.

 

Al-Baha named Aldukheil Financial Group as a financial advisor and will later file for the capital market authority’s (CMA) approval.

 

Updates will be duly revealed, the statement added.

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