Saudi Arabian Amiantit Co. (Amiantit) said subscription to new shares and rights trading starts today, Dec. 7, 2020.
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% (0.6 share-for-1 share) |
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New capital |
SAR 320 mln |
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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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Rights Trading |
Dec. 7-14, 2020 |
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Subscription Period |
Dec. 7-17, 2020 |
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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 be utilized as follows: -SAR 45 mln for financing the working capital requirements -SAR 17.21 mln for the repayment of suppliers’ dues -SAR 7.79 million worth of offering expenses. |
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