Saudi Arabian Amiantit Co. (Amiantit) said subscription to new shares and rights trading will start on Dec. 7, 2020, according to a bourse filing.
Rights trading will end on Dec. 14, and subscription to the new shares will close on Dec. 17.
Rights holders are entitled to subscribe to the new shares partially or fully on a pro rata basis.
Unsubscribed shares, and share fractions, will be offered to institutional investors.
In case of under-subscription, lead manager and underwriter Wasatah Capital will subscribe to these rights.
Amiantit’s shareholders approved to increase capital through a SAR 120 million rights issue, Argaam reported.
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Key Figures of the Capital Hike |
|
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Current Capital |
SAR 200 mln |
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Number of shares |
20 mln shares |
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Hike (%) |
60% |
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New capital |
SAR 320 mln |
|
Number of shares after increase |
32 mln shares |
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Key Figures of the Rights Issue |
|
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Number of rights issue shares |
12 mln shares |
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Issue price |
SAR 10 |
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Issue size |
SAR 120 mln |
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Record date |
End of second trading day after the extraordinary general meeting date |
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Use of proceeds |
Net proceeds will go for financing the working capital as well as repaying the dues of suppliers and banks. |
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